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 Factory supervision Factory supplies used Factory utilities Inventories 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 33,200 Direct labor 11,500 Income taxes expense 9.500 Indirect labor 31,000 Miscellaneous production costs 120,800 Office salaries expense 9,000 Raw materials purchases 33,000 Rent expense-office space Rent expense-Selling space 167,600 Nent expense-Factory building 192,000 Maintenance expense Factory equipment 19,200 Sales 20,600 Sales salaries expense 162,300 142,700 $ 688,200 265,000 55,600 10,900 66,00 91,000 21,00 25,900 79,709 38,40 4,445,906 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 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