Using the information provided below, complete the Income Statement. Lurrparty Name Income Statement For the Year Ended 12/31/XX Gain on the sale of investments Interest revenue $ $ 160,000 105,000 Net sales Cost of goods sold Gross Profit GP% Selling Expenses Administrative Expenses $ 45,000,000 $ 24,000,000 $ 21,000,000 46.796 Loss on operations of wholesale division Loss on disposal of wholesale division $ $ 690,000 670,000 $ 4,500,000 $ 2,750,000 $ 7,250,000 Operating Income (a.k.a. Income from Operations) $ 13,750,000 Dividends declared on common stock Dividends declared on preferred stock $ $ 340,000 120,000 Effective tax rate on all items is 34% Additional Information: Common Shares Outstanding Beginning of the year End of the year Shares 20,000 30,000 Par Value $ 0.10 $ 0.10 Preferred Shares Outstanding Beginning of the year End of the year 1,000 1,000