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 $ 27,400 Direct labor $ 679,000 11,800 Income taxes expense 297,500 10,300 33,000 146,900 8,000 Indirect labor Miscellaneous production costs Office salaries expense Raw materials purchases 57,800 11,500 72,000 986,000 30,000 Rent expense-Office space 28,000 Rent expense-Selling space 28,300 179,000 169,900 Rent expense-Factory building Maintenance expense-Factory equipment 80,800 36,500 18,300 Sales 4,566,500 24,100 Sales salaries expense 395,900 162,400 135,400 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 LEONE COMPANY Income Statement For Year Ended December 31, 2019 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