A 6 Below is a trial balance as of 12-31-2019 for Richmond Field Inc. Trial Balance Dr. Cr. 7 1,775,000 8 Cash 9 Accounts receivable 2,695,000 2,085,000 10 Inventory 11 Property, plant, and equipment 8,566,000 12 Accumulated depreciation 1,000,000 13 Accounts payable and accrued liabilities 1,211,000 14 Income taxes payable 15 Bonds payable 500,000 16 Deferred income tax liability 17 Common stock 18 Additional paid-in capital 19 20 Sales 21 Retained earnings, 1/1/18 Sales returns and allowances 85,000 2,350,000 3,680,000 3,950,000 14,560,000 40,000 22 Rental income 23 Dividend income 24 Cost of goods sold 25 Salary expenses 26 All other employee expenses 8,500,000 2,600,000 500,000 40,000 60,000 27 28 Advertising expense Insurance expense 29 Travel expenses 30 All other expenses 31 Loss on discontinued division 32 50,000 50,000 150,000 125,000 300,000 27,436,000 27,436,000 33 34 35 Income tax rate is 20% and tax has not been included in trial balance. 36 37 38 Problem 1 39 Prepare a multiple step income statement for 2019 for Richmond Field. The tax rate is 20% 40 41 42 Problem 2 43 Prepare a balance sheet as of 12/31/19 for Richmond Field Inc 44 45 46 47