Prepare a formal income statement from the partial worksheet for Nelson Company in Figure 12.13.

NELSON CO PARTIAL WORKSHEET FOR YEAR ENDED DECEMBER 31, 201x Income Statement Account Titles 3 60 00 27 000 290 000 Income Summary Sales Sales Returns and Allowances Sales Discount Purchases Purchases Returns and Allow Purchases Discount Freight-In Salaries Expense Insurance Expense Advertising Expense Rental Income Rent Expense Dep. Exp., Store Equip Salaries Payable 11500 89000 16500 12 300 10800 350 00 18 0 00 14 5 00 24000 225 00 2 20 00 Totals 266300 3 69800 103 5 0 369800 3 69800 Net Income Totals