Using the following accounts, prepare an Income Statement

Accounts receivable $ 237,000

Inventory 243,000

Accounts payable 89,000

Notes payable 169,000

Cash 95,000

2,080,976 Sales (Sales = Income)

Interest expense 19,296

Fixed assets 500,000

87,000 Accruals (accumulated)

188,000 Long Term Debt

255,000 Comon stock (common equity)

40% Taxes

212,000 Retained earnings

75,000 Accumulated depreciation