The following information is taken from the 2020 annual report of Windsor, Inc. Windsors fiscal year ends December 31 of each year. Windsors December 31, 2020, balance sheet is as follows.

Windsor, Inc. Balance Sheet December 31, 2020
Assets
Cash		$420
Inventory		1,670
Total current assets		2,090
Plant and equipment		2,200
Accumulated depreciation		(176)
Total assets		4,114
Liabilities
Bonds payable (net of discount)		$1,426
Stockholders equity
Common stock		1,500
Retained earnings		1,188
Total liabilities and stockholders equity		$4,114

Note X: Long Term Debt: On January 1, 2019, Windsor issued bonds with face value of $1,500 and a coupon rate equal to 10%. The bonds were issued to yield 12% and mature on January 1, 2024. Additional information concerning 2021 is as follows.

1.		Sales were $3,600, all for cash.
2.		Purchases were $1,900, all paid in cash.
3.		Salaries were $690, all paid in cash.
4.		Property, plant, and equipment was originally purchased for $2,200 and is depreciated straight-line over a 25-year life with no salvage value.
5.		Ending inventory was $2,100.
6.		Cash dividends of $110 were declared and paid by Windsor.
7.		Ignore taxes.
8.		The market rate of interest on bonds of similar risk was 12% during all of 2021.
9.		Interest on the bonds is paid semiannually each June 30 and December 31.

Prepare an income statement for the year ending December 31, 2021. Assume semiannual compounding of the bond interest.