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

Federal Corporation IncomeTax Expenses $ 1,200