Prepare an income statement using the following data for New Orleans Revellers for the year ended December 31, 2019: 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 500,000 Income from operations of discontinued segment 200,000 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