(Single-step Income, Retained Earnings, Periodic Inventory) Presented below is the trial balance of Mary J. Blige Corporation at December 31, 2004.

A physical count of inventory on December 31 resulted in an inventory amount of $124,000.
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.

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Purchase Discounts Cash Accounts Receivable Rent Revenue Retained Earnings Salaries Payable Sales MARY J. BLIGE CORPORATION TRIAL BALANCE YEAR ENDED DECEMBER 31, 2004 Debits $ 205,100 105,000 Credits $ 10,000 18,000 260,000 18,000 1,000,000