Prepare income statement for the McGraw Corporation. McGraw Corporations physical inventory shows that ending inventory is 1,372,000 and the effective tax rate on all items is 30%. The following is presented in the ledger accounts of McGraw Corporation as of December 31, 2022: Cash 370,000 Sale salaries 568,000 Merchandise inventory, beginning 1,070,000 Office salaries 692,000 Sales 8,350,000 Purchase returns 30,000 Advances from customers 234,000 Sales returns and allowances 158,000 Purchases 5,572,000 Transportation - in 144,000 Sales discounts 68,000 Account receivable 285,000 Purchases discounts 54,000 Sales commissions 166,000 Travel and entertainment - sales 138,000 Telephone - sales 34,000 Accounting and legal services 66,000 Utilities - office 64,000 Insurance expense - office 48,000 Miscellaneous office expenses 16,000 Advertising 108,000 Rental revenue 480,000 Transportation - out 186,000 Loss on sale of division 120,000 Depreciation of office equipment 96,000 Interest expense 352,000 Depreciation of sales equipment 72,000 Share capital - ordinary ($10 par) 1,800,000