Hogle Corporation is a manufacturer that uses job-order costing. On January 1, the beginning of its fiscal year, the company's inventory balances were as follows:

The company applies overhead costs to jobs on the basis of machine hours worked. For the current year, the company estimated that it would work 75,000 machine hours and incur $450,000 in manufacturing overhead cost. The following transactions were recorded for the year:
a. Raw materials were purchased on account, $410,000.
b. Raw materials were requisitioned for use in production,$380,000 ($360,000 direct materials and $20,000 indirect materials).
c. The following costs were accrued for employee services: direct labor, $75,000; indirect labor, $110,000; sales commissions, $90,000; and administrative salaries, $200,000.
d. Sales travel costs were $17,000.
e. Utility costs in the factory were $43,000.
f. Advertising costs were $ 180,000.
g. Depreciation was recorded for the year, $350,000 (80%relates to factory operations, and 20% relates to selling and administrative activities).
h. Insurance expired during the year, $10,000 (70% relates to factory operations, and the remaining 30% relates to selling and administrative activities).
i. Manufacturing overhead was applied to production. Due to greater than expected demand for its products, the company worked 80,000 machine-hours during the year.
j. Goods costing $900,000 to manufacture according to their job cost sheets were completed during the year.
k. Goods were sold on account to customers during the year for a total of $1,500,000. The goods cost $870,000 to manufacture according to their job cost sheets.

Prepare an income statement for the year.