$($Single$-$Step Statement, Retained Earnings Statement, Periodic Inventory$)$ The following is the trial balance of Thompson Corporation at December $31,2025.$

Thompson Corporation Trial Balance December $31,2025$

Debit

Purchase Discounts Cash

Accounts Receivable Rent Revenue

Retained Earnings

Salaries and Wages Payable Sales Revenue

Notes Receivable Accounts Payable

Accumulated Depreciation$$Equipment Sales Discounts

Sales Returns and Allowances Notes Payable

Selling Expenses

Administrative Expenses Common Stock

Income Tax Expense Cash Dividends

Allowance for Doubtful Accounts Supplies

Freight$-$In Land

Equipment Bonds Payable Gain on Sale of Land

Accumulated Depreciation$$Buildings Inventory $($January $1,2025)$ Buildings

Purchases Totals

$89,00098,000$

$610,000$ $$1,907,600$ $$1,907,600110,000$

$49,00028,000$

$14,50017,500$

$70,000$

$232,00099,000$

$300,000$

$53,90045,000$

$5,000$

$14,00020,00070,000$

$140,000$

$100,00030,00019,600$

$ $189,700105,000$

$18,000$

$160,00018,000$

$1,100,000$ Credit $ $10,000$

Income Statement, Related Information, and Revenue Recognition

A physical count of inventory on December $31$ resulted in an inventory amount of $$64,000$; thus, cost of goods sold for $2025$ is $$645,000.$ Instructions

Prepare a single$-$step income statement and a retained earnings statement. Assume that the only changes in retained earnings during the current year were from net income and dividends. Thirty thousand shares of common stock were outstanding the entire year