SHAMROCK COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $6,870,000 Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold $1,900,000 4,440,000 6,340,000 1,590,000 4,750,000 2,120,000 Gross profit Operating expenses Selling expenses Administrative expenses 450,000 700,000 1,150,000 $970,000 Net income Additional information: 1. Accounts receivable decreased $370,000 during the year 2. Prepaid expenses increased $190,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $250,000 during the year 4. Accrued expenses payable decreased $90,000 during the year. 5. Administrative expenses include depreciation expense of $50,000