Zoli Company provided the following information for 2019

Purchases 5,250,000.00

Purchases returns & allowances 150,000.00

Rental Income 250,000.00

Selling Expenses:

Freight out 175,000.00

Saleman's Commission 650,000.00

Depreciation - Store Equipment 125,000.00

Merchandise Inventory , January 1,000,000.00

Merchandise Inventory , December 31 1,500,000.00

Sales 7,850,000.00

Sales returns and Allowances 140,000.00

Sales Discounts 10,000.00

Administrative Expenses

Officer's Salaries 500,000.00

Depreciation - Office Equipment 300,000.00

Freight in 500,000.00

Income Tax 250,000.00

Loss on Sale of Equipment 50,000.00

Purchase Discount 100,000.00

Dividend Revenue 150,000.00

Loss on Sale of Investment 50,000.00

*Prepare an Income Statement using "functional method' for the year WITH SUPPORTING NOTES, please