The financial records of Blue Spruce Inc. were destroyed by fire at the end of 2023. Fortunately, the controller had kept the following statistical data related to the income statement: 1. The beginning inventory was $85,000 and it decreased by 20% during the current year. 2. There were 10,000 common shares outstanding for the entire year. 3. Interest expense was $22,000. 4. The income tax rate was 20%. 5. Cost of goods sold amounted to $420,000. 6. Administrative expenses were 20% of cost of goods sold but only 5% of gross sales. 7. Selling expenses were four fifths of cost of goods sold. Blue Spruce Inc. Income Statement $ +A $ $ +A