A. Make an income statement (multiple step), using the selected financial statement information and additional data for Stanislaus Co. presented below Balance sheet: ecemb Cash Accounts receivable (net) Inventory Land Equipment $52,000 64,000 178,000 78,800 504,000 $876,800 $94,000 50,400 67,200 178,000 420,000 TOTAL Accumulated depreciation Accounts payable Notes payable - short-term Notes payable - long-term Common stock Retained earnings TOTAL $876,800 Trial balance December 31, 2016 DR CR Cash Accounts receivable Allowance for doubtful accounts Inventory Land Equipment Accumulated depreciation Accounts payable Notes payable - short-term Notes payable - long-term Common stock Retained earnings Sales revenue Cost of goods sold Salary expense Advertising expense Depreciation expense Bad debt expense Other expense $60,000 75,000 4,500 148,000 58,600 620,000 40,000 48,300 24,200 154,000 420,000 67,200 630,500 285,000 95,000 14,600 10,000 2,500 20,000 Additional data for 2016 1. 2. 3. Land was sold at its original cost Equipment was purchased Notes were repaid