From the following information, prepare an income statement for Notem Incorporated for the year ended December 31, 2000. (Hint: Net income is $\$ 119,100$.) Assume that there are 10,000 shares of capital stock outstanding.

Gross Sales Revenue ..... $\$ 3,625,000$

Income Taxes ..... 140,000 Cost of Goods Sold ..... $2,415,000$

Sales Salaries Expense ..... 410,000 Rent Expense (Selling) ..... 16,000 Payroll Tax Expense (Selling) ..... 3,100 Entertainment Expense (Selling) ..... 2,000 Miscellaneous Selling Expenses ..... 7,800 Miscellaneous General and Administrative Expenses ..... 5,400 Automobile Expense (Selling) ..... 3,500 Insurance Expense (General and Administrative) ..... 1,900 Interest Expense ..... 46,000 interest Revenue ..... 3,000 Sales Returns ..... 10,000 Advertising and Promotion Expense ..... 199,000 Insurance Expense (Selling) ..... 17,000 Delivery Expense (Selling) ..... 3,100 Office Supplies Expense (General and Administrative) ..... 8,000 Utilities Expense (General and Administrative) ..... 1,100 Administrative Salaries Expense ..... 180,000 Fire Loss (net of tax) ..... 40,000