The CFO for Fin Tackle Company, a manufacturer of fine fishing supplies, has provided you the following information from his company's accounting records. From the information presented, prepare a properly formatted, multi-step Income Statement (be sure to show intermediate profit lines - Gross Profit, EBITDA, NOI, EBIT, EBT and NI - as necessary). Per share presentation of income data is not being requested. Balance sheet account information is as of the close of business for December 31, 2017 unless otherwise indicated. Income statement information is applicable for the entire calendar year 2017 unless otherwise indicated. The company's income tax rate is 35%. The company did not purchase or dispose of any depreciable long-term assets. (Watch out - you have more information than is needed to complete this problem).

Sales/Revenues	$600,000
Property Tax Expense	70,000
Cash	10,000
Marketing Expenses	30,000
Warranty Liability	15,000
Prepaid Insurance	10,000
General and Administrative Expenses	35,000
Purchases of Goods for sale	75,000
Inventory available for sale as of 1/1/2017	120,000
Inventory available for sale as of 12/31/2017	95,000
Accum. Depreciation on Plant, Property, Equipment (as of 1/1/17)	120,000
Accum. Depreciation on Plant, Property, Equipment (as of 12/31/17)	160,000
Plant, Property and Equipment	500,000
Long-term debt	50,000
Dividends declared and paid to shareholders by Fin	40,000
Dividend Income	42,000
Interest Income	3,000
Interest Expense	12,000
Net Accounts Receivable	15,000
Retained Earnings	60,000
Accounts Payable	15,000
Bad Debt Expense	5,000