3. Prepare an income statement using the following data for Land O Lark Corporation for the year ended December 31, 2018: Sales $24,500,000 Cost of merchandise sold 10,900,000 Operating expenses 6,300,000 Losses from asset impairment 2,800,000 Income tax expense 40% Loss on discontinued operations (before taxes) 500,000 Income from sale of discontinued segment (before taxes) 200,000 Dividend Income from investments 125,000 60,000 Interest on loan taken 400,000 Common stock outstanding ($2 par) 1,000,000 Authorised share capital ($2 par)