Required information The following information applies to the questions displayed below.] Georgia Orchards produced a good crop of peaches this year. After preparing the following income statement, the company is concerned about the net loss on its No. 3 peaches. GEORGIA ORCHARDS Income Statement For Year Ended December 31, 2017 No. 1 No. 2 No. 3 Combined Sales (by grade) No. 1: 247,500 Ibs. $1.80/1b No. 2 247,500 Ibs. $1.40/1b No. 3: 990,000 Ibs. $0.20/lb Total sales Tree pruning and care $0.40/Ib sts run inrting, Picking, sorting, and grading $0.10/Ib Delivery costs Total costs $445,500 $346,500 $ 198,000 $990,000 99,000 99,000 396,000 594,000 99,000 148,500 68,800 39,150 139,150 533,000 811,300 $306,350 $207,350 $(335,000) $178,700 24,750 15,400 24,750 15,400 38,000 Net income (loss) In preparing this statement, the company allocated joint costs among the grades on a physical basis as an equal amount per pound. The company's delivery cost records show that $30,800 of the $68,800 relates to crating the No. 1 and No. 2 peaches and hauling them to the buyer. The remaining $38,000 of delivery costs is for crating the No. 3 peaches and hauling them to the cannery 2. Using your answers to part 1, prepare an income statement using the joint costs allocated on a sales value basis. (Do not round intermediate calculations.) GEORGIA ORCHARDS Income Statement For Year Ended December 31, 2018 No. 1 No. 2 No. 3 Combined Costs Total costs