Thornton Inc. had the following operating balances for 2015: December 31, 2015 January 1, 2015 Accounts Payable $58,200 $61,500 Inventory 39,400 37,300 Accounts Receivable 87,000 89,100 Prepaid Expenses 12,500 14,100 Additional information for Thornton is as follows: (a) All purchases of inventory were on account. (b) Depreciation Expense of $96,000 was recognized during 2015. (c) Equipment was sold during 2015, and a gain of $3,000 was recognized. Thornton provides the following cash flow information for 2015: Cash collected from customers $ 950,000 Cash paid for inventory (410,000) Cash paid for other expenses (139,000) Cash from operations $ 401,000 Prepare an income statement for Thornton for 2015.