3 The adjusted trial balance data given below is from the Morgan Company's worksheet for the year ended December 31, 2019. The expense accounts numbered 611-615 represent selling expenses, and those numbered 621-631 represent general and administrative expenses. ACCT. NO. 399 401 451 491 501 502 503 504 611 613 615 621 623 ACCOUNT NAME Income Summary Sales Sales Returns and allowances Interest Income Purchases Freight In Purchases Returns and Allowances Purchases Discounts Sales Salaries Expense Advertising Expense Travel Expense Office Salaries Expense Office Supplies Expense Utilities Expense Payroll Taxes Expense Uncollectible Accounts Expense Depreciation Expense - Office Equipment Interest Expense ADJUSTED TRIAL BALANCE DEBIT CREDIT 61,000 58,000 270,000 4,100 770 135,000 3,200 1,800 2,100 56,000 2,300 11,700 18,500 770 4,700 1,700 1,370 570 1,800 627 629 631 691 Prepare a classified income statement for the year ended December 31, 2019. Prepare a classified Income statement for the year ended December 31, 2019 3 MORGAN COMPANY Income Statement Year Ended December 31, 2019 Operating revenue Net sales Cost of goods sold 0 Delivered cost of purchases 0 0 Net delivered cost of purchases Total merchandise available for sale $ 0 Operating expenses Selling expenses $ 0 Total selling expenses General and administrative expenses $ 0 3 Operating expenses Selling expenses $ 0 Total selling expenses General and administrative expenses $ 0 0 $ 0 Total general and administrative expenses Total operating expenses Net income from operations Other income Other expense $ 0 Net non-operating expenses