The Top Shop is a retail chain specializing in salon-quality hair care products. During the year, The Top Shop had sales of $38,250,000. The company began the year with $3,350,000 of merchandise inventory and ended the year with $4,315,000 of inventory. During the year, The Top Shop purchased $23,500,000 of merchandise inventory. The company's selling, general, and administrative expenses totalled $6,155,000 for the year. Prepare The Top Shop's income statement for the year