31.150 equipment) 56,260 (sales) P4-5 (LO 2, 3, 4, 5) (Income Statement, Retained Earnings) The following account balances were included in the trial balance of Twain Corporation at June 30, 2022. Sales Revenue $1,578,500 Depreciation Expense (sales Sales Discounts $ 4.980 Cost of Goods Sold 896,770 Maintenance and Repairs Expense Salaries and Wages Expense (sales) 6,200 Sales Commissions 97,600 Miscellaneous Selling Expenses 4.715 Travel Expense (salespersons) 28,930 Supplies Expense 3.450 Delivery Expense 21,400 Telephone and Internet Expense Entertainment Expense 14,820 (administration) 2.820 Telephone and Internet Expense Depreciation Expense (office (sales) 9.030 furniture and equipment) 7.250 Property Tax Expense $. 7.320 Income Tax Expense $102,000 Bad Debt Expense (selling) 4,850 Depreciation Understatement Maintenance and Repairs Expense (administration) Due to Error-2020 (niet of tax) Office Expenses Dividends (declared on 6,000 preference shares) 9.000 9.130 17.700 You need to prepare both statements OK. 3 AM epiecato Expee to (sales) 9.030 furniture and equipment) 7.250 Property Tax Expense $ 7.320 Income Tax Expense $102,000 Bad Debt Expense (selling) 4,850 Depreciation Understatement Maintenance and Repairs Expense (administration) 9,130 Due to Error-2020 (net of tax) 17.700 Office Expenses Dividends (declared on 6,000 preference shares) 9.000 Sales Returns and Allowances 62,300 Dividends (declared on Dividend Revenue 38,000 ordinary shares) 37.000 Interest Expense 18.000 The Retained Earnings account had a balance of $337,000 at July 1, 2021. There are 80,000 ordinary shares outstanding. Instructions Prepare an income statement and a retained earnings statement for the year ended d June 30, 2012