Using the following information for ABC Manufacturing Company, prepare the income statement for the year ended December 31, 2022. (Assume a 25 % income tax.) Administrative Expenses............................................................ $ 77,000 Finished Goods Inventory January 1, 2022............................... 126,000 Cost of Goods Manufactured during the year.......................... 215,000 Finished Goods Inventory December 31, 2022......................... 68,000 Work in Process inventory, January 1,2022 38,500 Work in Process inventory, January 1,2022 40,000 Sales salaries expense 38,000 Sales........................................................................................... 720,000 Raw materials inventory, December 31,2022 25,0