Question - Prepare an income statement.

Following are the line items, presented in random order, that were included in a recent income statement of Valimer Corporation:

Selling and Administrative Expenses $90,000

Operating Income ?

Cost of Goods Sold 130,750

Net Income ?

Income Tax Expense 2,500

Net Sales 315,000

Income Before Income Taxes ?

Gross Profit ?

Interest Revenue 5,000

Required:

(a) Compute each missing amount

(b) Prepare an income statement for Valimer Corporation.

Could you please answer the attachment provided. Thank you.