Required information Use the following information for the Problems 3A-4A below. (Algo) [The following information applies to the questions displayed below.) Valley Company's adjusted account balances from its general ledger on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Adjusted Account Balances Debit Credit Merchandise inventory (ending) $ 31,500 Other (noninventory) assets 126,000 Total liabilities $ 36,383 Common stock 42, 403 Retained earnings 63,738 Dividends 8,000 Sales 215,460 Sales discounts 3,297 Sales returns and allowances 14,220 Cost of goods sold 84,041 Sales salaries expense 29,518 Rent expense-Selling space 10,127 Store supplies expense 2,586 Advertising expense 18,314 office salaries expense 26,933 Rent expense-office space 2,586 office supplies expense 862 Totals $357,984 $357,984 Beginning merchandise inventory was $25,421. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases Durchases discounts received Purchases returns and allowances Costs of transportation-in $92,610 1,945 4,445 3,900 4. Prepare a single-step income statement that includes these and administrative expenses. Complete this question by entering your answers in the Required 1 Required 2 Required 3 Required 4 Compute the company's net sales for the year. Net Sales Sales Net sales Required 1