At December 31, 2004, the general ledger of Hoffman Electric had the following account balances. All adjusting entries (except for income taxes at 35%) have been made. The company had 10,400 shares of common stock outstanding during the year.

Prepare an income statement in goodform.

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Accounts payable Accounts receivable Accrued liabilities Accumulated depreciation Advertising expense Cash Common stock Cost of goods sold Depreciation expense 8,950 14,970 21,000 15,300 9,968 9,530 36,000 102,690 13,510 $80,300 4,800 1,420 18,465 30,000 57,984 260,772 9,002 59,780 Equipment Gain on sale of land Interest expense Retained earnings Sales revenue Utilities expense Wages expense