Detailed Income Statement (Alternate is 7-55.) Following are accounts taken from the adjusted trial balance of the Backbay Bathroom Supply Company, December 31, 20X5. The company uses the periodic inventory system. Sales salaries and Freight in $ 50 commissions $160 Miscellaneous expenses 13 Inventory, December 31, 20X4 200 Sales 1,091 Allowance for bad debts. 14 Bad debts expense 8 Rent expense, office space 10 Gross purchases 600 Depreciation expense, office Cash discounts on purchases Inventory, December 31, 20X5 Office salaries 15 300 46 equipment 3 Rent expense, selling space 90 Cash discounts on sales 16 Income tax expense 42 Advertising expense Purchase returns and allowances Delivery expense Sales returns and allowances Depreciation expenses, trucks, and store fixtures Prepare a detailed income statement for 20X5. All amounts are in thousands. 45 50 Office supplies used 40 20 6 29