Required information The following information applies to the questions displayed below.] The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of Leone Company Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment 33,550 Miscellaneous production costs Factory supervision Factory supplies used Factory utilities Inventories $ 28,750 Direct labor $ 675,480 233,725 56,875 8,425 63,000 925,000 7,250 Income taxes expense 8,600 Indirect labor 102,600 Office salaries expense 7,350 Raw materials purchases 33,000 Rent expense-Office space 22,000 | Rent expense-Selling space Raw materials, December 31, 2016 Raw materials, December 31, 2017 Work in process, December 31, 2016 Work in process, December 31, 2017 Finished goods, December 31, 2016 Finished goods, December 31, 2017 26,100 76,800 35,400 4, 462,500 392,560 166,850 Rent expense-Factory building 182,000 Maintenance expense-Factory equipment 15,700 Sales 19,380 Sales salaries expense 167,350 136,490 2. Prepare the company's 2017 income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses LEONE COMPANY Income Statement For Year Ended December 31, 2017 Cost of goods sold Goods available for sale Cost of goods sold Operating expenses Selling expenses Total selling expenses General and administrative expenses Total general and administrative expenses Total operating expenses Income before taxes Net income