The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019:

Instructions
1. Prepare a single-step income statement in the format shown in Exhibit 12.
2. Prepare closing entries as of June 30, 2019.
Exhibit 12: Single-Step Income Statement

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Cash Accounts Receivable Merchandise Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation- 92,000 Faber, Drawing 50,000 Sales 370,000 300,000 8,925,000 5,620,000 850,000 420,000 Cost of Merchandise Sold 5,000 Sales Salaries Expense 0,000 Advertising Expense 2,000 Deation Expense- 220,000 Store Equipment Miscellaneous Selling Expense Office Equipment Store Equipment Accumulated Depreciation- 33,000 18,000 540,000 48,000 24,000 58,000 Office Salaries Expense 50,000 Rent Expense Insurance Expense Store Equipment Accounts Payable Customer Refunds Payable Salaries Payable Note Payable 87,500 Depreciation Expense 38,500 10,000 Office Supplies Expense Office Equipment 10,000 4,000 6,000 12,000 4,000 Miscellaneous Administrative Exp. Interest Expense (final payment due 2032) Gerri Faber, Capital 140,000 431,000 NetSolutions Income Statement For the Year Ended December 31, 2020 Revenues: Sales Rent revenue .. .. $708,255 600 $708,855 Expenses: Selling expenses 70,820 34,890 2,440 Total expenses 628,455 $ 80,400