Excellent Company sells accounting textbooks. The following information summarizes Excellent's operating activities for 2015: 
Required: Prepare Excellent Company's income statement for the year ended December 31, 2015.
Definitions:
Competitive Firm
A company operating in a market where it has little to no influence over the price of its product or service, typically due to the presence of many other firms offering similar products.
Labor Market
The market in which individuals offer their labor for employment and employers seek to hire labor.
Inflation-adjusted Wages
Wages that have been modified to reflect the purchasing power after accounting for inflation, often to measure real income changes over time.
Labor Demand Curve
A graphical representation showing the quantity of labor that firms are willing to hire at different wage rates.
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