Tom Reynold is the sole proprietor of Stately Pets, a business specializing in the sale of high$-$end pet gifts and accessories. Stately Pets' sales totaled $$1,060,000$ during the most recent year. During the year, the company spent $$57,000$ on expenses relating to website maintenance, $$30,500$ on marketing, and $$28,800$ on wrapping, boxing, and shipping the goods to customers. Stately Pets also spent $$635,000$ on inventory purchases and an additional $$18,800$ on freight$-$in charges. The company started the year with $$19,800$ of inventory on hand and ended the year with $$17,800$ of inventory. Prepare Stately Pets' income statement for the most recent year.