The trial balance follows for Thompson Corporation at December 31, 2023:

A physical count of inventory on December 31 showed that there was $64,000 of inventory on hand.

InstructionsPrepare a condensed single-step income statement and a statement of retained earnings, assuming that Thompson 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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Purchase discounts Cash Accounts receivable Rent revenue Retained earnings Salaries and wages payable Sales revenue Notes receivable Thompson Corporation Trial Balance December 31, 2023 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 disposal of land Accumulated depreciation-buildings Inventory Buildings Purchases Totals Debits $ 189,700 105,000 110,000 14,500 17,500 232,000 99,000 53,900 45,000 14,000 20,000 70,000 140,000 89,000 98,000 610,000 $1,907,600 Credits $ 10,000 18,000 160,000 18,000 1,100,000 49,000 28,000 70,000 300,000 5,000 100,000 30,000 19,600 $1,907,600