The following is the December 31, 2003 balance sheet for the Epics Corporation.

Sales for 2003 were $2,000,000, with the cost of goods sold being 55% of sales. Depreciation expense was 10% of the gross plant and equipment at the beginning of the year. Interest expense was 9% on the notes payable and 11% on the bonds payable. Selling and administrative expenses were $200,000 and the firm's tax rate is 40%.

Requirement
Prepare an incomestatement.

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Assets Liabilities Cash Accounts Receivable Inventory Total Current Assets S70,000 Accounts Payable 150,000 Notes Payable 280,000 Bonds Payable S100,000 120,000 300,000 S520,000 $500,000 Total Liabilities Plant and Equipment$1,250,000 Eo Less: Accum Deprec Net plant and uity 250.000lCommon Stock 00.000 200.000 480.000 S980,000 d Equipment$1,00,000 Paid In Capi Retained Earnings Total Equity Total Assets $1,500,000 Total Liab. & Equity 1,500,000