PLEASE DO AN INCOME STATEMENT FOR THE BELOW INFORMATION!!!!!!!!!!!!

Additional information pertaining to Grace Charles. Inc * Note that credits are negative amounts and debits are positive amounts in the trial balance. Note the numbering of the accounts in the trial balance, 1000;: Assets o o 2000-Liabilities o 3000-Equity o 4000-Revenue 5000 Cost of Goods Sold o o 6000- Operating Expenses (Selling, General & Admin) o 7000 = Other Income/Expense 8000-Income Tax Expense o * The Excel workbook in Blackboard contains both the 2017/2016 trial balances AND the 2015 balance sheet. The ONLY reason that you need the 2015 balance sheet is to prepare the 2016 cash flow statement. * The company's accountant has already recorded a reclassification journal entry to display the current portion of the note payable. The trial balance accounts with the current amounts and long-term amounts are labeled appropriately. * Cash principal payments on the note payable were $1,082,839 for 2017 and $210,000 for 2016. A vehicle was sold in 2017 for $10,000. The asset had a cost of $27,060 and accumulated depreciation of $20,000. A piece of machinery was sold in 2016 for $12,000. The asset had a cost of $30,158 and Additional information pertaining to Grace Charles. Inc * Note that credits are negative amounts and debits are positive amounts in the trial balance. Note the numbering of the accounts in the trial balance, 1000;: Assets o o 2000-Liabilities o 3000-Equity o 4000-Revenue 5000 Cost of Goods Sold o o 6000- Operating Expenses (Selling, General & Admin) o 7000 = Other Income/Expense 8000-Income Tax Expense o * The Excel workbook in Blackboard contains both the 2017/2016 trial balances AND the 2015 balance sheet. The ONLY reason that you need the 2015 balance sheet is to prepare the 2016 cash flow statement. * The company's accountant has already recorded a reclassification journal entry to display the current portion of the note payable. The trial balance accounts with the current amounts and long-term amounts are labeled appropriately. * Cash principal payments on the note payable were $1,082,839 for 2017 and $210,000 for 2016. A vehicle was sold in 2017 for $10,000. The asset had a cost of $27,060 and accumulated depreciation of $20,000. A piece of machinery was sold in 2016 for $12,000. The asset had a cost of $30,158 and