Excellent,Inc Required: Prepare Excellent,Inc

Essay

Excellent,Inc.sells accounting textbooks.The following information summarizes Excellent's operating activities for the year:
$\begin{array}{|l|r|}\hline \text { Merchandise Inventory, January 1 } & \$ 10,000 \\\hline \text { Merchandise Inventory, December 31 } & 7,000 \\\hline \text { Purchases } & 95,000 \\\hline \text { Selling and Administrative Expenses } & 65,000 \\\hline \text { Sales Revenue } & 180,000 \\\hline\end{array}$ Required: Prepare Excellent,Inc.'s income statement for the year ended December 31.