Jeffery Company has just completed operations for the year ended December 31, 2016. This is the second year of operations for the company. The following data have been assembled for the business. 
Prepare the income statement. Use a proper heading.
Definitions:
Double-Blind Procedure
A experimental setup in which neither the participants nor the experimenters know who is receiving a particular treatment, preventing bias in the results.
Illusory Correlation
The cognitive bias of perceiving a relationship between two variables even when no such relationship exists.
Placebo Effect
A phenomenon in which a person experiences a physiological or psychological improvement after receiving a treatment with no therapeutic value.
Empirical Approach
A method of inquiry that relies on direct, systematic observation and experimentation as a way to acquire knowledge.
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