Income Statement (with cost of goods sold adjustment). Milan Company had the following activity for the year ended December 31.
| Sales revenue |
$5,000,000 |
| Selling expenses |
mce_markernbsp; 825,000 |
| General and administrative expenses |
mce_markernbsp; 570,000 |
| Cost of goods sold (before adjustment) |
$2,900,000 |
| Overapplied overhead |
mce_markernbsp; 109,000 |
Required: Prepare an income statement for year ended December 31.