The following data pertain to Natalie’s Knick Knacks, a store that specializes in seasonal decorations, curios, and other collectibles.
Beginning inventory of goods ...... $238,600
Purchases for the year .......... $879,830
Ending inventory ............ $178,450

Natalie typically prices items at a 100% markup. That is, if she paid $30 for an item, she would price it at $60. Of course, she does not expect to sell all items at the full markup.
The following represents the pattern of sales in a typical year: 10% of her sales are at the full markup, 60% of sales are with a 25% discount off the list price, 20% at 50% off the list price, and 5% at 80% off the list price. The remainder (5%) represents unsold items, breakage, and so on.
Natalie also incurs $136,800 towards the rental of her store, supplies (e.g., bags, tissue), utilities, and so on. She incurs $64,500 toward salaries paid to her employees.

Required:
Prepare a GAAP income statement for the most recent year of operations.