Q1: The following information provided by ABC companies, as of December31, 2019 Accounts Total Sales Revenue Travel expense (salespersons) Insurance expenses Cost of goods sold Sales commissions Sales salaries Sales returns Tax rate Depreciation of office furniture and equipment interest expense Sales discounts Dividend revenue Delivery expense Depreciation of sales equipment Amount 1,578,500 10,000 6,000 896,770 100,000 100,000 62,300 30% 13,520 18,000 31,150 38,000 8,785 30,000 Instructions: Prepare the income statement for the year 2019