1. Prepare an income statement using the information below. Make sure to identify gross profit, operating income, net income and addition to retained earnings. (15 POINTS) Inventories Cost of Goods Sold Administrative Expenses Accumulated Depreciation Sales Depreciation Expense Selling Expenses Common Stock Dividends Interest Expense Corporate Tax Rate $ 50,000 1,000,000 40,000 150,000 1,500,000 15,000 100,000 8,000 5,000 40%