Selected accounts from the December 31, Year 1, adjusted trial balance of the Howard Company are shown below. Debit Credit Inventory, January 1, Year 1 $30,000 Sales Revenue $90,000 Sales returns and allowances 3,000 Purchases 40,000 Freight-In 2,500 Selling Expenses 14,000 Administrative Expenses 8,000 Bad Debt Expense 500 Depreciation Expense: Building 1,500 Interest Expense 2,000 Income Tax Expense 2,200 Dividends 2,100 On December 31, Year 1 the inventory was $18,000. Required: Prepare a Year 1 income statement for Howard Company