The adjusted trial balance of Feagler Company for the year ended December 31, 2020, is as follows

Instructions

Prepare a multiple-step income statement and retained earnings statement for 2020, and a classified balance sheet as of December 31, 2020.

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Debit Credit $ 5,500 Cash Accounts Receivable 3,100 Note Receivable (due February 20, 2021) 2,000 Inventory 6,000 Timberland 21,000 Land 14,000 Equipment 35,400 Patents 11,000 Accumulated Depletion $ 3,900 Allowance for Doubtful Accounts 1,000 Accumulated Depreciation-Equipment 8,300 Notes Payable (due January 15, 2021) 4,600 Accounts Payable 2,300 Common Stock 60,000 Retained Earnings 8,500 Sales Revenue 52,000 Interest Revenue 400 Cost of Goods Sold $ 23,000 Salaries and Wages Expense 11,400 Depreciation Expense 2,100 Amortization Expense 1,600 Research and Development Expense 1,300 Bad Debt Expense 500 License Expense 300 Interest Expense 800 Loss on Disposal of Plant Assets 2,000 Total $141,000 $141,000