Prepare an Income Statement from the following information: Sales $500,000 Sales Discount $650 Sales Return as Allowance $3,000 Beginning Merchandise Inventory $85,000 Purchases $265,000 Transport In $4,200 Purchase Discount $1,500 Purchase Return Allowance $1,700 Closing Merchandise Inventory $76,000 Advertisement Expenses $4,500 Insurance Expenses $1,500 Bank and Fees $1,200 Maintenance Expenses $3,200 Payroll Tax Expenses $7,600 Rent Expenses $12,000 Salaries Expenses $36,000 Supplies Expenses $3,200 Utilities Expenses $1,700 Fed Corp IncomeTax Expenses $1,200