The Information Above Is Taken from the Ledger and Other

$$\begin{array} { | l | r | l | r | } \hline \text { Cost of goods sold } & \$ 297,500 & \begin{array} { l } \text { Preferred shares, } \$ 1.00,25,000 \\\text { Shares issued \& outstanding }\end{array} & \$ 95,80 \\\hline \text { Gain on sale of property } & 17,500 & \text { Retained earnings January 1,2017 } & 86,000 \\\hline \text { Interest expense } & 4,250 & \text { Selling expenses } & 60,750 \\\hline \text { General expenses } & 52,000 & \begin{array} { l } \text { Common shares, 150,000 shares } \\\text { ssued \& outstanding }\end{array} & 275,000 \\\hline \text { Interest revenue } & 15,000 & \text { Sales Revenue } & 415,000 \\\hline & & \text { Dividends } & 50,000 \\\hline & & & \\\hline\end{array}$$ The information above is taken from the ledger and other records of Duchlorol Inc.at December 31,2017.Prepare a combined statement of income (single-step format_and retained earnings for the year ended December 31,2017.Assume Duchlorol Inc.'s tax rate is 30%.