The following account balances are taken from Sherwood Ltd.s adjusted trial balance at June 30, 2020:

		Debit			Credit
Sales revenue					$1,260,000
Advertising expense		$122,000
Cost of goods sold		594,000
General and administrative expenses		42,000
Selling expenses		76,000
Depreciation expense		69,000
Interest expense		39,000
Interest revenue					44,000
Income tax expense		10,000
Wages expense		164,000
Utilities expense		108,000

Prepare a single-step statement of income for the year ended June 30, 2020.