1. The following information was taken from the records of Argo Motorsports, Inc. at November 30, 2020.

Selling Expenses $110,000 Common Stock, $12 par value, $120,000

10,000 shares authorized and issued

Administrative Expenses 115,000

Preferred Stock, $7 Par Value, 490,000

Nonoperating Income 3,500 7,000 shares issued

Cost of Goods Sold 510,000 Income Tax Expense 20,000

Net Sales Revenue 819,000

Prepare a multi-step income statement for Argo Motorsports for November.