QUESTION 7 Prepare an income statement using the information given below. Make sure to identify gross profit, operating income, and net income. Inventories $50,000 Cost of Goods Sold $250,000 Administrative Expenses $50,000 Accumulated Depreciation $150,000 Sales $600,000 Depreciation Expense $25,000 Selling Expenses $150,000 Common Stock Dividends $8,000 Interest Expense $8,000 Corporate Tax Rate 40%