Develop an Income Statement for the next year

Sales Rev 30,000,000

Less: cost of goods sold 21,000,000

Gross Profits 9,000,000

Less: Operating Expenses

Selling Expenses 3,000,000

General and administrative expenses 1,800,000

Lease expenses 200,000

Depreciation expenses 1,000,000

Total Operating Expenses 6,000,000

Operating Profits 3,000,000

Less: Interest expense 1,000,000

Net Profit before taxes 2,000,000

Less: Taxes (rate+40%) 800,000

Net Profits after taxes 1,200,000

Less: preferred stock dividends 100,000

Earnings available for common stock holders 1,100,000