Question 3 (30 points) Presented below is information for New generation Company for the month of October 2020. Cost of goods sold 484.000 Rent expense 60,000 Freight-out 14,000 Sales discounts 16.000 Insurance expense 34,000 Sales returns and allowances 26.000 Salaries and wages expense 126,000 Sales revenue 820.000 Instructions: Prepare an income statement for the Month ended October 2020 Income statement (30 points)