Suppose Jeffery Automobiles Ltd paid $150,000 to research a new global positioning system Jeffery also paid $1,300,000 to acquire a pater Cost of goods sold was $3,050,000, and selling expenses were $350,000. All these transactions occurred during fiscal 2020. Jeffery expects Prepare Jetlery's income statement for the fiscal year ended December 31, 2020 Begin the income statement by entering in the header, and then complete the income statement (Enter each amount rounded to the neare Choose from any drop-down list and then click Check Answer 1 pan SE Type here to search . ant on a new motor. After readying the motor for production, Jeffery's sales revenue for the first year totalled $7,000,000 the patent to have a useful life of eight years rest whole number.)