(Single-step Income, Retained Earnings, Periodic Inventory) Presented below is the trial balance of Mary J. Blige Corporation at December 31, 2004.

A physical count of inventory on December 31 resulted in an inventory amount of $124,000. Prepare a single-step income statement and a retained earnings statement. Assume that the only changes in retained earnings during the current year were from net income and dividends. Thirty thousand shares of common stock were outstanding the entireyear.

Purchase Discounts Cash Accounts Receivable Rent Revenue Retained Earnings Salaries Payable Sales Notes Receivable Accounts Payable Accumulated Depreciation Equipment Sales Discounts Sales Returns Notes Payable Selling Expenses MARY J. BLIGE CORPORATION TRIAL BALANCE YEAR ENDED DECEMBER 31, 2004 Debits Administrative Expenses Common Stock Income Tax Expense Cash Dividends Allowance for Doubtful Accounts Supplies Freight-in Land Equipment Bonds Payable Gain on Sale of Land Accumulated Depreciation-Building Merchandise Inventory Building Purchases Totals $ 205,100 105,000 110,000 14,500 17,500 232,000 99,000 38,500 45,000 14,000 20,000 70,000 140,000 89,000 98,000 610,000 $1,907,600 $ Credits 10,000 18,000 260,000 18,000 1,000,000 49,000 28,000 70,000 300,000 5,000 100,000 30,000 19,600 $1,907,600