Use the following adjusted trial balance and additional information to prepare income statement for year ending 2011. 10 marks

Ingorsell Antiques Adjusted Trial Balance December 31,2011
Cash	$19,300
Merchandise Inventory	50,000
Store Supplies	1,000
Equipment	44,600
Accumulated depreciation equipment		$16,500
Accounts Payable		8000
Salaries Payable		1,000
Dee Rizzo, Capital		69,000
Dee Rizzo, Withdrawals	8,000
Interest Revenue		300
Sales		325,000
Sales Discounts	6,000
Sales Returns and allowances	5,000
Cost of Goods sold	148,000
Depreciation Expense, store equipment	4,000
Depreciation Expense, office equipment	1,500
Sales salaries expense	28,000
Office salaries expense	32,000
Insurance expense	12,000
Rent expense (70% is store,30% is office)	24,000
Store Supplies expense	6,000
Advertising expense	30,400
Totals	$419,800	$419,800