Using the following information for AK1 Manufacturing Company, prepare the income statement for the year ended December 31, 2022. (Assume a 30 % income tax.)

..Finished Goods Inventory January 1,2022...................................................	$ 128,000
Administrative Expense..............................	81,100
Cost of Goods Manufactured during the year..........................	248,000
Finished Goods Inventory December 31, 2022.........................	76,500
Work in Process inventory, January 1,2022	41,500
Work in Process inventory, January 1,2022	36,000
Selling Expense	38,700
Sales...........................................................................................	765,000
Raw materials inventory, December 31,2022	23,000
Raw materials inventory, January 1,2022	35,000
Advertising Expense	43,000