Required:

Based on the information in the table below, prepare an income statement for Windswept Woodworks, Incorporated for year $2.$ Assume that the company pays a flat tax rate of $21\%$ on its taxable income. $($Round your answers to $2$ decimal places.$)$

Windswept Woodworks, Incorporated

Input Data

$($millions of dollars$)$

Year $2$ Year $1$

Accounts payable $612544$

Accounts receivable $1,456990$

Accumulated depreciation $6,9226,792$

Cash & equivalents $400288$

Common stock $1,3601,280$

Cost of goods sold $1,580$ n$.$a$.$

Depreciation expense $?$ n$.$a$.$

Common stock dividends paid $?$ n$.$a$.$

Interest expense $220$ n$.$a$.$

Inventory $1,1901,186$

Addition to retained earnings $602$ n$.$a$.$

Long$-$term debt $988896$

Notes payable $310460$

Gross plant & equipment $10,58010,320$

Retained earnings $3,2382,636$

Sales $3,098$ n$.$a$.$

Other current liabilities $196176$

Tax rate $21\%$ n$.$a$.$

Market price per share $$ year end $ $26\mathrm{.}80$ $ $24\mathrm{.}50$

Number of shares outstanding $500$ million $500$ million