Prepare an annual income statement (one-step form) if you have the following information about Company A:

1. Stocks of goods at the beginning of the year were $ 100 000 and decreased by 20% during the year.

2. Discounts provided for the sale of goods amounted to $ 17 000.

3. During the year, 20 000 shares were issued with a par value of $ 10.

4. Interest expense was $ 22 000.

5. The income tax rate is 30%.

6. During the year, purchases of goods for $ 475 000 were made.

7. Administrative costs represent 20% of cost of sales and 9% of total sales.

8. 4/5 of operating expenses are expenses related to the sale of goods.