The following information was taken from Egeland Ltd's adjusted trial balance as at July 31, 2020: Sales revenue $2,765,000 Interest expense 45,000 Cost of goods sold 1,559,460 Utilities expense 18,000 Depreciation expense 217,000 Distribution expenses 416,000 Administration expenses 280,000 Advertising expense 58,000 Interest revenue 20,000 Income tax expense 72,000 Dividends declared-Common shares 28,000 Dividends declared-Preferred shares 16,940 Prepare a single-step statement of income for the year ended July 31, 2020. Egeland Ltd. Statement of Income S