Current Attempt in Progress Teal Mountain Inc. has recorded all necessary adjusting entries, except for income tax expense, at its fiscal year end, July 31, 2021. The following information has been taken from the adjusted trial balance: $5,500 111,500 347 400 Accounts payable Cash dividends-common Common shares Cost of goods sold Dividends payable Income tax expense Income tax payable $ 25,000 Interest expense 62,000 Notes payable 200,000 Retained earnings (Aug. 1,2020) 311,000 Salaries expense 14,000 Sales 30.500 Supplies expense 3,700 Unearned revenue 140,000 651,000 11,000 12,400 All accounts have normal balances and total assets equal S 805,000. Teal Mountain has a 20% income tax rate. (a1) Your answer is partially correct TEAL MOUNTAIN INC. Income Statement Year Ended July 31, 2021 Sales 651,000 Cost of Goods Sold (311,000) 1 Gross Pront 340,000 Operating Expenses Salaries Expense 140,000 i Supplies Expense 11.000 Total Operating Expenses 151,000 Pront/oss 189,000 Other Expenses Interest Expense 5.500 Pront/Loss 183,500 Question 2 of 4 3.04/8 E Cost of Goods Sold (311.000) i Gross Profit 340.000 Operating Expenses Salaries Expense 140,000 1 Supplies Expense 11.000 Total Operating Expenses 151,000 Prot/Loss 189.000 Other Expenses Interest Expense 5,500 Proh/Loss 183,500 Income Tax Payable 3.700 Proht From Operations 179,800 e Textbook and Media