Use of Trial Balance Amounts The account balances of Sound Corporation at March 31 were as follows:

a. Prepare an income statement for the month of March for Sound Corporation.

b. Prepare a balance sheet for Sound Corporation at March Sule

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March 31 Debit Credit Cash Accounts Receivable $ 125,000 201,000 Inventory 170,000 Prepaid Insurance 3.000 Land 21,000 Buildings and Equipment 360,000 Cost of Goods Sold 290,000 Wage Expense 85,000 Depreciation Expense 12,000 Insurance Expense 2,000 Sales $ 470,000 Accumulated Depreciation 140,000 Accounts Payable 180,000 Notes Payable 200,000 Capital Stock 150,000 Retained Earnings, March 1 129,000 Total $1,269,000 $1,269,000