Salon Secrets is a retail chain specializing in salon-quality hair-care products. During the year, Lady Barber had sales of $ 39,225,000. The company began the year with $ 2,985,000 of merchandise inventory and ended the year with $ 3, 785,000 of inventory. During the year, Lady Barber purchased $ 24,100, 000 of merchandise inventory. The company's selling, general, and administrative expenses totaled $ 7,00,000 for the year. Prepare Lady Barber's income statement for the year.
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