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
Interest on loan taken	60,000
Common stock outstanding ($2 par)	400,000
Authorised share capital ($2 par)	1,000,000