Delta Corporation showed the following adjusted trial balance at its year-end, December 31, 2020:

                                          Delta Corporation
                                        Adjusted Trial Balance
                                          December 31, 2020
(000s)
Account Balance1
Accounts payable.............................................................................. 96
Accounts receivable ......................................................................... 71
Accumulated depreciation—equipment........................................ 76
Allowance for doubtful accounts ..................................................... 8
Cash ................................................................................................... 70
Cash dividends ................................................................................. 40
Common shares ............................................................................. 100
Cost of goods sold .......................................................................... 395
Equipment ....................................................................................... 101
Income taxes payable ........................................................................ 7
Income tax expense ......................................................................... 52
Interest expense ................................................................................ 5
Investment —Apple Inc. bonds, due 2027 .................................... 56
Investment—Cornerstone Inc. shares ........................................... 15
Investment in Associate —Tildon Inc. shares2 ........................... 238
Investment income (loss) .............................................................. 176
Merchandise inventory ................................................................... 28
Notes payable, due March 2022 .................................................... 74
Operating expenses ....................................................................... 218
Preferred shares .............................................................................. 44
Prepaid rent ........................................................................................ 6
Retained earnings ............................................................................ 82
Sales ................................................................................................. 620
Unearned revenue ........................................................................... 12

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.