A company dedicated to the commercialization of medical equipment, is preparing its statements financial statements for the fiscal period 2022. And the following information is available: Sales were made for an amount of $3,000,000 of which a return was obtained for warranty claim and defective equipment in the amount of $40,000. It featured a beginning inventory of $600,000 and purchases of merchandise worth $1,200,000 were made with a discount on purchases for cash payment of $90,000 for which in purchase expenses for a value of $20,000 obtaining at the end of the period an ending inventory valued at $470,000. On the other hand, due to the turn of the business, expenses were incurred administration for a total of $160,000 and sales expenses of $130,000. It has additionally financial income of $30,000 and financial expenses of $18,000 as well as other external income to the turn of the business for $50,000 and other expenses for an amount of $20,000.

With the information, you are asked to prepare an income statement.

INFORMATION TO CONSIDER: COST OF SALES = Merchandise Purchases + Purchasing Expenses Discount on Purchases + Initial Inventory Final Inventory.