The following account balances were included in the trial balance of Tamarisk Corporation at June 30, 2017.

Sales revenue		$1,592,670		Depreciation expense (office furniture and equipment)		$7,151
Sales discounts		31,900		Property tax expense		7,099
Cost of goods sold		899,200		Bad debt expense (selling)		5,263
Salaries and wages expense (sales)		57,010		Maintenance and repairs expense (administration)		8,803
Sales commissions		98,990		Office expense		5,560
Travel expense (salespersons)		31,000		Sales returns and allowances		68,004
Delivery expense		23,270		Dividends received		41,490
Entertainment expense		14,950		Interest expense		16,770
Telephone and Internet expense (sales)		9,140		Income tax expense		108,670
Depreciation expense (sales equipment)		5,013		Depreciation understatement due to error2014 (net of tax)		18,834
Maintenance and repairs expense (sales)		6,043		Dividends declared on preferred stock		9,140
Miscellaneous selling expenses		4,798		Dividends declared on common stock		40,580
Office supplies used		3,206
Telephone and Internet expense (administration)		2,954

The Retained Earnings account had a balance of $337,480 at July 1, 2016. There are 87,000 shares of common stock outstanding.

Using the multiple-step form, prepare an income statement for the year ended June 30, 2017.