Presented below are selected ledger accounts of Woods Corporation at December 31, 2015.

Cash	$185,000		Salaries and wages expense (sales)	$284,000
Inventory (beginning)	535,000		Salaries and wages expense (office)	346,000
Sales revenue	4,175,000		Purchase returns	15,000
Unearned sales revenue	117,000		Sales returns and allowance	79,000
Purchases	2,786,000		Freight-in	72,000
Sales discounts	34,000		Accounts receivable	142,500
Purchase discounts	27,000		Sales commissions	83,000
Selling expenses	69,000		Telephone and Internet expense (sales)	17,000
Accounting and legal services	33,000		Utilities expense (office)	32,000
Insurance expense (office)	24,000		Miscellaneous office expenses	8,000
Advertising expense	54,000		Rent revenue	240,000
Delivery expense	93,000		Loss on sale of division	60,000
Depreciation expense (office equipment)	48,000		Interest expense	176,000
Depreciation expense (sales equipment)	36,000		Share capitalordinary ($10 par)	900,000

Woods's effective tax rate on all items is 30%. A physical inventory indicates that the ending inventory is $686,000.

Requirement:

Prepare a 2015 income statement for Woods Corporation

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(attached picture is an example)

$3,053,081 80,668 2,972,413 1,982,541 989,872 BOC HONG COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2015 Sales Sales revenue Less: Sales discounts $ 24,241 Sales returns and allowances 56,427 Net sales Cost of goods sold Gross profit Selling expenses Sales salaries and commissions $202,644 Sales office salaries 59,200 Travel and entertainment 48,940 Advertising expense 38,315 Delivery expense 41,209 Shipping supplies and expense 24,712 Postage and stationery 16,788 Telephone and Internet expense 12,215 Depreciation of sales equipment 9,005 453,028 Administrative expenses Officers' salaries 186,000 Office salaries 61,200 Legal and professional services 23,721 Utilities expense 23,275 Insurance expense 17,029 Depreciation of building 18,059 Depreciation of office equipment 16,000 Stationery, supplies, and postage 2,875 Miscellaneous office expenses 2,612 350,771 Other income and expense Dividend revenue 98,500 Rent revenue 42,910 Gain on sale of plant assets 30,000 Income from operations Interest on bonds and notes Income before income tax Income tax Net income for the year Attributable to: Shareholders of Boc Hong Non-controlling interest Earnings per share 803,799 171,410 357,483 126,060 231,423 66,934 $ 164,489 $ 120,000 44,489 $1.74