Use the following information to prepare an income statement for Fairchild Corporation for the year ending December 31, 2000. You should show separate classifications for revenues, cost of goods sold, gross margin, selling expenses, general and administrative expenses, operating income, other revenues and expenses, income before income taxes, income taxes, and net income. (Hint: Net income is $\$ 27,276$.)

Sales Returns ..... $\$ 4,280$

Income Taxes ..... 26,000 Interest Revenue ..... 2,400 Office Supplies Expense (General and Administrative) ..... 400 Utilities Expense (General and Administrative). ..... 3,980 Office Salaries Expense (General and Administrative) ..... 12,064 Miscellaneous Selling Expenses. ..... 460 Insurance Expense (Selling) ..... 1,160 Advertising Expense ..... 6,922 Sales Salaries Expense ..... 40,088 Sales Discounts ..... 3,644 Interest Expense ..... 1,170 Miscellaneous General and Administrative Expenses ..... 620 Insurance Expense (General and Administrative) ..... 600 Payroll Tax Expense (General and Administrative) ..... 3,600 Store Supplies Expense (Selling) ..... 800 Delivery Expense (Selling) ..... 2,198 Inventory, January 1, 2000 ..... 79,400 Sales Revenue ..... 395,472 Average number of shares of stock outstanding ..... 10,000 Cost of Goods Sold ..... 262,610 Purchases ..... 230,560 Purchases Discounts ..... 3,050 Inventory, December 31, 2000 ..... 44,300