The financial records of Ivanhoe Inc. were destroyed by fire at the end of 2017. Fortunately, the controller had kept certain statistical data related to the income statement as follows.

1.The beginning merchandise inventory was $90,900 and decreased20% during the current year.2.Sales discounts amount to $25,900.3.30,420 shares of common stock were outstanding for the entire year.4.Interest expense was $25,300.5.The income tax rate is30%.6.Cost of goods sold amounts to $517,400.7.Administrative expenses are20% of cost of goods sold but only8% of gross sales.8.Four-fifths of the operating expenses relate to sales activities.

From the foregoing information make an income statement for the year 2017 in single-step form.