The following are selected ledger accounts of Flint Corporation at December 31, 2017.

Cash		$187,750		Salaries and wages expense (sales)		$286,750
Inventory		537,750		Salaries and wages expense (office)		348,750
Sales revenue		4,277,750		Purchase returns		17,750
Unearned sales revenue		119,750		Sales returns and allowances		81,750
Purchases		2,788,750		Freight-in		74,750
Sales discounts		36,750		Accounts receivable		145,250
Purchase discounts		29,750		Sales commissions		85,750
Selling expenses		71,750		Telephone and Internet expense (sales)		19,750
Accounting and legal services		35,750		Utilities expense (office)		34,750
Insurance expense (office)		26,750		Miscellaneous office expenses		10,750
Advertising expense		56,750		Rent revenue		242,750
Delivery expense		95,750		Casualty loss (before tax)		72,750
Depreciation expense (office equipment)		50,750		Interest expense		178,750
Depreciation expense (sales equipment)		38,750		Common stock ($10 par)		902,750

Flints effective tax rate on all items is 34%. A physical inventory indicates that the ending inventory is $688,750.

Prepare a condensed 2017 income statement for Flint Corporation.