The following is the December 31, 2021 balance sheet for the Masters Corporation.

Assets			Liabilities
Cash	$ 80,000		Accounts Payable	$ 90,000
Accounts Receivable	150,000		Notes Payable	120,000
Inventory	280,000		Bonds Payable	320,000
Total Current Assets	$ 510,000		Total Liabilities	$ 530,000
Plant & Equipment	$ 1,250,000		Equity
Less: Accum Dep	250,000		Common Stock	$ 300,000
Net Plant & Equip	$ 1,000,000		Paid In Capital	200,000
			Retained Earnings	480,000
TOTAL ASSETS	$ 1,510,000		Total Equity	$ 980,000
			TOTAL LIAB & EQUITY	$ 1,510,000

Sales for 2021 were $3,500,000, with the cost of goods sold being 55% of sales. Depreciation expense was 8% of the gross plant and equipment. Interest expense was 6% on the notes payable and 10% on the bonds payable. Selling and administrative expenses were $175,000 and the firm's tax rate is 30%. Prepare an income statement in proper form.