Simply Hair is a retail chain specializing in salon- quality hair- care products. During the year, Simply Hair had sales of $ 39,225,000. The company began the year with $ 2,500,000 of merchandise inventory and ended the year with $ 3,245,000 of inventory. During the year, Simply Hair purchased $ 21,400,000 of merchandise inventory. The company’s ­selling, general, and administrative expenses totaled $ 6,850,000 for the year. Prepare Simply Hair’s income statement for the year.