Required $1$

Prepare the current year income statement.

$\backslash$table$[[$LEONE COMPANY,$],[$Income Statement,$],[$Sales$,,],[$Cost of goods sold,,$],[$Cost of goods manufactured,,$],[$Finished goods inventory, beginning,,$],[,,],[$Goods available for sale,,$],[$Less: Finished goods inventory, ending,,$],[$Cost of goods sold,,$],[$Gross profit,,$],[$General and administrative expenses,,$],[$Selling expenses,,$],[$Supplies expense,,$],[$Net income,,$]]$

Required $2$

The following year$-$end information is taken from the December $31$ adjusted trial balance and other records of Leone Company.

$\backslash$table$[[$Advertising expense,$$53,000$

Please use the image to solve the required numbers $1$ and $2$

The following year$-$end information is taken from the December $31$ adjusted trial balance and other records of Leone Company.

$\backslash$table$[[$Advertising expense,$$5,000$