Prepare an income statement in good form for the year 2016. Assume a 32% tax rate and that 140,000 shares of common stock were outstanding during all of 2016.

(3 points) Because of a flood, Josephus Corporation lost most of its accounting records. The CFO kept certain data related to the income statement. The data follow:

Sales returns and discounts were $15,000

Interest expense was $16,000

Cost of goods sold was $300,000

Selling, general, and administrative expenses are 25% of cost of goods sold but only 10% of gross sales

Josephus income tax rate is 30%

Josephus had 120,000 shares of common stock outstanding during the year

From the previous data, prepare an income statement in good form.