The following balances were taken from the books of Parnevik ASA on December 31, 2019 Interest revenue 86,000 Accumulated depreciation-buildings 28,000 Cash 51,000 Notes receivable 155,000 Sales revenue 1,280,000 Live S Selling expenses 194,000 Accounts receivable 150,000 Accounts payable 170,000 Prepaid insurance 20,000 Bonds payable 100,000 Sales returns and allowances 150,000 Administrative and general expenses 97,000 Allowance for doubtful accounts 7,000 Accrued liabilities 32,000 Sales discounts 45.000 Interest expense 60.000 Land 100,000 Notes payable 100,000 Equipment 200,000 Loss from impairment of plant assets 120,000 Buildings 140,000 Share capital-ordinary 500,000 Cost of goods sold 621,000 Retained earnings 21,000 Accumulated depreciation-equipment 40,000 Assume the total effective tax rate on all items is 34% Instructions Prepare an income statement: 100,000 ordinary shares were outstanding during the year