The financial record of Adam Inc were destroyed by fire at the end of 2020. Fortunately, the controller had kept certain statistical data related to the income statement as below:

a. The beginning inventory was $ 138,000.

b. Sales discount was $ 5,500

c. 45,000 ordinary shares were outstanding.

d. Interest expenses $30,000

e. Income tax rate 30%

f. Cost of goods sold $750,000

g. Administrative expenses are 10% of cost of goods sold but only 5% of gross sales.

h. Four fifth of the operating expenses related to sales activities.

From the foregoing information, prepare an income statement.