1 Note: To complete the assignment, go to the worksheet tab labeled Cash Flow 2 and complete the statement of cash flows. 3 4 5 INNOVATION ELECTRONICS, INC. Income Statement For the Year Ended December 31, 20X2 6 7 Net sales 8 Gain on sale of land 9 10 Total revenues 11 12 Expenses: 13 Cost of goods sold $ 1,565,000 14 Operating expenses 598,000 15 16 Depreciation expense Interest expense 16,000 17 Income tax expense 17,000 63,000 18. 19 Total expenses 20 21 Net income 22 $ 2,430,000 6,500 2,436,500 2,259,000 $ 177,500