APPLY THE CONCEPTS: Construct the income statement Christina Co. has compiled the following account balances from its general ledger on July 31, 2011 (the last day of its fiscal year) Account Cash Accounts Receivable Building Equipment Land Prepaid Insurance Vehicles Accounts Payable Notes Payable Capital Stock Retained Earnings Dividends The balance in the Retained Earnings account reflects the account balance before temporary accounts are closed Use the information given to prepare the following financial statements. Amount Account $62,870 151,000 80,000 322,960 116,310 25,500 85,710 64,970 115,730 200,000 276,560 53,740 Fees Earned Rent Revenue Advertising Expense Insurance Expense Rent Expense Miscellaneous Expense Wages Expense Utilitles Expense Commissions Expense Interest Expense Research & Development Expense Amount $3,392,070 20,580 18,000 18,600 19,800 20,100 476,230 40,570 2,390,960 15,550 172,010 Construct Christina's single-step income statement for 2011