The following is selected information for 2011 from the accounting records of Greg's Gear, Limited:

There were no disposals of property, plant, and equipment during the year.
Required:
Prepare a condensed statement of earnings for Greg's Gear, Limited, reporting the revenues and expenses for the year ended December 31, 2011, on an accrual basis.

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January1 December 31 Accounts receivable Merchandise inventory Prepaid operating expenses Accumulated depreciation Accounts payable (for purchases of merchandise) Accrue Unearned rent revenue Cash collected from customers during the year Cash paid to suppliers for merchandise during the year Cash paid for operating expenses during the year Cash received from tenants during the vear 77.500 110,000 4,200 76,000 49,000 3,500 1,200 S 84,200 125,000 1,800 90,000 38,500 5,200 1,600 d operating expenses payable $963,000 640,000 122,800 14.500