PREPARE AN INCOME STATEMENT IN GOOD FORM USING THE INFORMATION GIVEN BELOW. MAKE SURE TO IDENTIFY GROSS PROFIT, OPERATING INCOME, AND NET INCOME, AND EARNINGS PER SHARE.

COST OF GODDS SOLD: 250,000

ADMINISTRATIVE EXPENSES: 50,000

SALES: 600,000

DEPRECIATION EXPENSE: 25,000

SELLING EXPENSE: 150,000

INTEREST EXPENSE: 8,000

CORPORATE TAX RATE 40% (YOU MUST CALCULATE THE TAX EXPENSE TO COMPLETE THE INCOME STATEMENT)

NUMBER OF SHARES OUTSTANDING: 100,000