From the following information, prepare an income statement for Notem, Inc., for the year ended December 31, 2003. (HINT: Net income is $119,100.) Assume that there are 10,000 shares of capital stock outstanding. Gross, Sales .REVEMUG pied acsra > a Wes vaca itl eae ehes Sseeoo nee weet ee $3,625,000 Income: Taxesr rr ers 88 sc cota ec teen ol ae een one een 140,000 COSt OF GOOUS;S Ol ei hoes heres eee ee I ere eee eo 2,415,000 salesSalaries Expensesnitus yew -ehaties. ae eee er ee ee 410,000 RentyExpensex(Sellimg) hs 2. dct ty cote ec fs Jo Sa esau eee ee 16,000 Payroll taxcExpensex(Sellimg)) stra ss... ses cnctge Eisen eee oe 3,100 Entenainmentiexpense (Selling) mesa) sian eneeeaeaa nt enna enn ene 2,000 MiscellaneotistSellingiExpenSesme ae src time terete teen 7,800 Miscellaneous General and Administrative Expenses......................... 5,400 UMC LNT SfolnCO(SOMMNG)) ss co ce eae ee en coo uuocnucanannee cans 3,500 een Yo) go rae e - Insurance Expense (General and Administrative)............................ 1,900 Interest: Expenses’ 4% xan ela a eee, id Dd onan ee Dee a 46,000 Interest'REVenUGl:, S28 ie someaee). ho Zane as ences ® SUSAEP A ES ON) ne ee Se 3,000 Sales*Retuens ey aA nies eee fee aan ste ace ee eat A ee 10,000 Advertisingrand| RromovlonvExpemseie sae ents ens 199,000 insurance Expense (Sellirig)2.9.<2% 7a 222. RP) FOL, Fn ee ee 17,000 Delivery: Expenses(Selling)mrswwt: ime Aiea. a Ee ok . ee 3,100 Office Supplies Expense (General and Administrative)........................ 8,000 Utilities: Expense: (Generaland Administrative) midinitelh oho: Gears. ele bee 1,100 Administrative Salaries: Expense iets!) aera ae es ee ee 180,000 ome ace e ere) Terselid ale Gt Me, a7 Pa) ninet G:dn Scat vee 40,000