Wang Corporation's capital structure consists of 40,000 ordinary shares. At December 31, 2015 an analysis of the accounts and discussions with company officials revealed the following information: Sales 1,050,000 Purchase discounts 18,000 Purchases 642,000 Selling expenses 128,000 Cash 60,000 Accounts receivable 90,000 Share capital 200,000 Accumulated depreciation 180,000 Dividend revenue 8,000 Inventory, January 1, 2015 152,000 Inventory, December 31, 2015 125,000 Unearned service revenue 4,400 Accrued interest payable 1,000 Land 370,000 Patents January 1, 2015, with 100,000 amortization 20% Retained earnings, January 1, 290,000 2015 Interest expense 17,000 Administrative expenses 150,000 Dividends declared 29,000 Allowance for doubtful accounts 5,000 Notes payable (maturity 7/1/18) 200,000 Machinery and equipment 450,000 Materials and supplies 40,000 Accounts payable 60,000 Instructions Prepare an income statement