Littlefield Corporation's income statement follows:

This income statement has 10 errors. Identify each, and prepare a corrected income statement.

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Revenues: LITTLEFIELD COMPANY INCOME STATEMENT DECEMBER 31, 19X9 Sales revenue, including sales taxes of $40,000.. $820,000 Discount earned on high-quantity purchases of merchandise inventory (all the goods have been sold)... 19,000 Recoveries of accounts receivable previously written off as uncollectible. 24,000 Increase in the market value of land.. 62,000 Interest revenue. 9,000 Total revenue $934,000 Expenses: Cost of goods sold, including sales taxes of $18,000. $462,000 Salary and related payroll expense 183,000 Depreciation expense. 64,000 Reserve for contingent losses.. 18,000 Household expenses of owner. 59,000 Property tax expense........ 26,000 Utilities expense... 17,000 Distributions to owner. Purchases of property, plant, and equipment.. 61,000 85,000 Loss on sale of investments. Additional depreciation due to inflation. Total expenses and losses... Net income (loss) for the year. 12,000 6,000 $993,000 $(59,000)