Question: Summary operating data for Pens Plus Company during the year ended December 31, 2015, are as follows: cost of goods sold, $3,000,000; administrative expenses, $500,000;

Summary operating data for Pens Plus Company during the year ended December 31, 2015, are as follows: cost of goods sold, $3,000,000; administrative expenses, $500,000; interest expense, $30,000; rent revenue, $100,000; net sales, $5,200,000; and selling expenses, $675,000. Prepare a single-step income statement.

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