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 $ 29,100 Direct labor 8,100 Income taxes expense 10,400 Indirect labor 37,800 Miscellaneous production costs 113,200 Office salaries expense 9,500 Raw materials purchases 40,000 Rent expense-office space Rent expense-Selling space 151,600 Rent expense-Factory building ,000 Maintenance expense-Factory equipment 16,900 Sales 24,800 Sales salaries expense 165,300 144,480 $ 698,000 298,200 56,700 9,400 73,000 962,000 30,000 29,500 82,200 37,380 4,446,600 392,600 2. Prepare the company's 2019 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, 2019 Sales Cost of goods sold Finished goods inventory, December 31, 2018 $ Cost of goods manufactured $ 4,446,800 165 300 165,300 165.300 4,281 500 Goods available for sale Loss: Finished goods inventory December 31, 2019 Cost of goods sold Gross profit from sales Operating expenses Selling expenses Sales salaries expense Depreciation expense-Selling equipment Selling expenses Sales salaries expense Depreciation expense--Selling equipment Rent expense-Selling space Advertising expense 0 Total selling expenses General and administrative expenses Rent expense-Office space Office salaries expense Depreciation expense-Office equipment 0 0 Total general and administrative expenses Total operating expenses Income before taxes income taxes expense Net income 4,281,500 $ 4.281,500