The income statement for the Mendelin Corporation is as follows: Revenues Less: Cost of goods sold: $390,000 Beginning inventory $ 46,000 Purchases 180,000 Ending inventory (40,000) (186,000) Less: Patent amortization (16,000) Advertising (10,500) Depreciation expense (64,000) Wages expense (29,500) Insurance expense (10,200) Bad debt expense (6,300) Interest expense (7,800) Net income $ 59,700