Required Information [The following Information applies to the questions displayed below.] The following calendar year-end Information is taken from the December 31, 2019, 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, 2018 Raw materials, December 31, 2019 Work in process, December 31, 2018 Work in process, December 31, 2019 Finished goods, December 31, 2018 Finished goods, December 31, 2019 Indirect labor $ 29,900 Direct labor 9,900 Income taxes expense 10,400 33,600 139,600 9,100 Miscellaneous production costs Office salaries expense Raw materials purchases 31,000 Rent expense-Office space Rent expense-Selling space 165,800 Rent expense-Factory building Maintenance expense-Factory equipment 183,000 17,000 Sales 19,600 Sales salaries expense 166,400 143,200 $ 675,200 259,500 57,500 11,200 68,000 988,000 21,000 26,400 80,400 39,700 4,445,000 2. Prepare the company's 2019 Income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses. Cost of goods sold Goods available for sale Cost of goods sold Operating expenses Selling expenses LEONE COMPANY Income Statement For Year Ended December 31, 2019 Total selling expenses General and administrative expenses Total general and administrative expenses Total operating expenses Income before taxes Net income 0 0 0 0 0 0 0 $ 0 394,000