The sales revenue and expenses of a business for the year just ended are as follows:
|
Cost of goods sold expense |
$598,500 |
|
Income tax expense |
None |
|
Interest expense |
$378,000 |
|
Selling and general expenses |
$896,500 |
|
Sales revenue |
$1,698,000 |
Prepare the annual income statement of the business in the single-step format.