"5. Given the following information, prepare an income statement

"5. Given the following information, prepare an income statement for year ended December 31.,,($000),Stockholder’s equity 500,Accounts payable 150,Cost of goods sold 55,Accumulated depreciation 500,General & administrative expenses 12,Taxes 40%,Preferred stock dividends 5,Interest expense 5,Sales revenue 100,Depreciation expense 10,,6. Ajax Inc. had profits of $200,000 for the year. Their retained earnings account grew from $800,000 at the beginning of the year to $950,000 by year end. How much did the firm pay out in dividends?,