The Warm as Toast Company installs furnaces and fireplaces in homes and businesses. Each furnace and fireplace carries a four-year warranty. During 2016, the company had sales of $835,000. Customers paid half of the sales price when they arranged for an installation and the other half when the furnace or fireplace was installed. At year end, $75,600 of the sales amount represented amounts paid for furnaces or fireplaces that were not yet installed and for which the second half of the payment had not yet been received. The cost associated with the sales was $407,400 for the furnaces and fireplaces that had been installed that year. An additional cost of $198,000 was incurred for the labour associated with the installation. The accountant estimated that total future warranty costs associated with the installed items would likely be $46,800 over the next five years. "Prepare as much of the statement of income for The Warm as Toast Company for 2016 as you can, showing the proper amount of sales, cost of goods sold, gross profit, and any other amounts that can be included." Given table: List of accounts:

Warm as Toast Company Statement of Income For the Year Ending December 31, 2016 Net loss Net earnings Gross profit Gross loss Cash Cost of Goods Sold Depreciation Expense Interest Expense Other Expenses Rent Revenue Accounts Receivable H. Gooding Administration Expenses Depreciation Expense - Equipment Distribution Expenses Dividend Revenue Gain on Sale of Land General Expenses Income Tax Expense Interest Revenue Loss from Flood Damage Office Expense Revenue Collected in Advance Salaries Expense Sales Commissions Sales Discounts Sales Revenue Sales Returns and Allowances Selling Expenses Service Revenue Unearned Revenue Utilities Expense Wages and Salaries Expense Warranty Expense