The trial balance follows for McLean Corporation at December 3!, 2014:

A physical count of inventory on December 31 showed that there was $124,000 of inventory on hand.
Instructions
Prepare a single-step income statement and a statement of retained earnings assuming that McLean is a private company that prepares financial statements in accordance with ASPE. Assume that the only changes in retained earnings during the current year were from net income and dividends.

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MCLEAN CORPORATION Trial Balance Year Ended December 31, 201 Debits Credits $ 10,000 Purchase discounts Cash Accounts receivable Rent revenue Retained earnings Salaries and wages payable Sales revenue Notes reccivable Accounts payable Accumulated depreciation-equipment Sales discounts Sales returns and allowances Notes payable Selling expenses Administrative expenses Common shares Income tax expense Dividends Allowance for doubtful accounts Supplies Freight-in Land Equipment Bonds payable Gain on sale of land Accumulated depreciation-building inventory Buildings Purchases S 218,600 105,000 18,000 260,000 18,000 1,400,000 110,000 49,000 28,000 14,500 17,500 70,000 432,000 99,000 300,000 25,000 45,000 5,000 14,000 20,000 70,000 140,000 100,000 30,000 19,600 89,000 98,000 810,000 $2,307,600 Totals $2,307,600