Delta Corporation showed the following adjusted trial balance at its year-end, December 31, 2023:

¹Assume all balances are normal. ²Delta owns 36% of the outstanding shares of Tildon Inc. and is a significant influence investment. Investment income for Tildon: $40, included in investment income

Required

Using the information provided, prepare a single-step income statement and a classified balance sheet, in thousands.

Analysis Component:

Explain the impact on the financial statements if a non-strategic equity investment was listed instead as a strategic equity investment.

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Delta Corporation Adjusted Trial Balance December 31, 2023 (000s) Account Balance ¹ Accounts payable 96 Accounts receivable Accumulated depreciation equipment Allowance for doubtful accounts...... Cash.... Cash dividends Common shares..... Cost of goods sold. Equipment.......... Income taxes payable Income tax expense. Interest expense..... Investment-Apple Inc. bonds, due 2030 Investment Cornerstone Inc. shares...... Investment in Associate-Tildon Inc. shares2.. Investment income (loss)...... Merchandise inventory....... Notes payable, due March 2025. Operating expenses. Preferred shares Prepaid rent......... Retained earnings Sales .............. Unearned revenue 71 76 8 70 40 100 395 101 7 52 5 56 15 238 176 28 74 218 44 6 82 620 12