The following selected accounts and amounts (in thousands) were taken from the January 30, 2016, financial statements of Reitmans (Canada) Limited.

_________ Administrative expenses........................$46,950

_________ Cost of goods sold................................410,035

_________ Dividends declared.................................12,917

_________ Finance expenses....................................16,443

_________ Finance income.......................................7,998

_________ Income tax expense (recovery)..................(1,426)

_________ Selling and distribution expenses...............497.854

_________ Sales................................................937,155

Instructions

(a) For each of the above accounts, identify whether it is a revenue (R) or expense (E) account or an account that is not reported on the income statement (NR).

(b) Prepare an income statement for the year.