Use the following information to construct an income statement:
| Interest | $25,000 |
| Sales | $950,000 |
| Income tax rate | 25% |
| Selling and marketing expenses | $16,000 |
| General & administrative expenses | $200,000 |
| Gross profit | $550,000 |
| Depreciation | $30,000 |
| Cost of Goods sold | $400,000 |
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