On January 1, 2021, Displays Incorporated had the following account balances Accounts Debit Credit Cash $ 32,000 Accounts receivable 29,000 Supplies 35,000 Inventory 65,000 Land 237,000 Accounts payable $ 38,000 Notes payable (7 , due next year) 30,000 Common stock 196,000 Retained earnings 134,000 Totals $ 398,000 $ 398,000 From January 1 to December 31, the following summary transactions occurred Purchased inventory on account for $340,000 Sold inventory on account for $620,000 The cost of the inventory sold was $320,000 Received $576,000 from customers on accounts receivable Paid freight on inventory received, $34,000 Paid $330,000 to inventory suppliers on accounts payable of $338,000 The difference reflects purchase discounts of $8,000 Paid rent for the current year, $52,000 The payment was recorded to Rent Expense Paid salaries for the current year, $160,000 The payment was recorded to Salaries Expense Year end adjusting entries Supplies on hand at the end of the year are $9,000 Accrued interest expense on notes payable for the year Accrued income taxes at the end of December are $28,000 Prepare an income statement for the period ended January 31, 2021 Choose the appropriate accounts to complete the company's income statement The unadjusted, adjusted, or post closing balances will appear for each account, based on your selection

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Question: On January 1, 2021, Displays Incorporated had the following account balances: Accounts Debit Credit Cash $ 32,000 Accounts receivable 29,000 Supplies 35,000 Inventory 65,000 Land

On January 1, 2021, Displays Incorporated had the following account balances:

Accounts		Debit		Credit
Cash	$	32,000
Accounts receivable		29,000
Supplies		35,000
Inventory		65,000
Land		237,000
Accounts payable			$	38,000
Notes payable (7%, due next year)				30,000
Common stock				196,000
Retained earnings				134,000
Totals	$	398,000	$	398,000

From January 1 to December 31, the following summary transactions occurred:

Purchased inventory on account for $340,000.
Sold inventory on account for $620,000. The cost of the inventory sold was $320,000.
Received $576,000 from customers on accounts receivable.
Paid freight on inventory received, $34,000.
Paid $330,000 to inventory suppliers on accounts payable of $338,000. The difference reflects purchase discounts of $8,000.
Paid rent for the current year, $52,000. The payment was recorded to Rent Expense.
Paid salaries for the current year, $160,000. The payment was recorded to Salaries Expense.

Year-end adjusting entries:

Supplies on hand at the end of the year are $9,000.
Accrued interest expense on notes payable for the year.
Accrued income taxes at the end of December are $28,000.

Prepare an income statement for the period ended January 31, 2021. Choose the appropriate accounts to complete the company's income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection.