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7. On December 31, it was determined that ending inventory on hand was $200,000. Accounts Receivable ending balance was $50,000. For the year - Beginning inventory was $50,000. Purchases of inventory totaled $300,000. Sales revenues (all sales on credit) totaled $400,000. For year-ending it was determined that the net realizable value (NRV) of inventory was $185,000. And the NRV of Accounts receivable was $48,000. The A4DA account has a $1,000 beginning balance with no write-offs this year. Prepare the income statement for the very limited facts given. Tax rate is 40%