TB Problem Qu. 1-255 (Algo) In April, Holderness Incorporated, a merchandising... In April, Holderness incorporated, a merchandising company, had sales of $231,000, selling expenses of $15,000, and aciministrative expenses of $26,000. The cost of merchandise purchased during the month was $157,000. The beginning balance in the merchandise inventory account was $35,000 and the ending balance was $49.000. Required: Prepare a traditional format income statement for April