Income statement
For the year ended December 31, 20×2
| Particulars | Amounts $ |
| sales revenue | 2,105,000 |
| Less: cost of goods sold | 1,770,000 |
| Gross margin | 335,000 |
| Selling and administrative expenses | 269,000 |
| Income before taxes | 66,000 |
| Income tax Expense | 25,000 |
| Net income | 41,000 |