The following amounts are taken from the adjusted trial balance of Beatty Limited as at December 31, 2017 Accounts payable Accounts receivable Amortization expense Common shares (25,000 shares outstanding) Cost of goods sold Cumulative loss from change in accounting policy Dividends declared Gain on sale of long-term investment Gain on the sale of business segment Investment income Loss from fire damage Loss on operation of discontinued business segment Loss on the disposal of a capital asset Retained earnings January 1 Sales Selling and administrative expenses $ 791,000 359,000 280,000 800,000 1,845,000 170.000 20,000 60,000 125.000 30,000 110,000 200,000 50,000 815.000 2,450,000 440,000 Additional information The income tax rate is 40% on all items. Beatty Limited has never had a fire in its history. All amounts are shown before tax. Required: Based on the above information, prepare an income statement for the year ended December 31, 2017