Presented below is information (in thousands) related to Chen Company. Land 370,000 Patents 100,000 Retained earnings, December 31, 2014 650,000 Sales revenue 1,400,000 Selling and administrative expenses 240,000 Loss on disposal of component (pre-tax) 260,000 Cash dividends declared on ordinary shares 33,600 Cost of goods sold 830,000 Gain resulting from computation error on depreciation charge in 2013 (pre-tax) 520,000 Rent revenue 120,000 Impairment loss 90,000 Interest expense 10,000 Dividends declared 29,000 Allowance for doubtful accounts 5,000 Notes payable (maturity 7/1/18) 200,000 Machinery and equipment 450,000 Materials and supplies 40,000 Accounts payable 50,000 Cash 60,000 Instructions Prepare in good form an income statement for the year 2015. Assume a 30% tax rate and that there were 70,000 ordinary shares outstanding during the year.