A physical count of inventory on December 31 resulted in an inventory amount of $70770; thus, cost of goods sold is $651770.

Prepare an income statement and retained earnings statement.

IVANHOE CORPORATION TRIAL BALANCE DECEMBER 31, 2017 Debits Credits Purchase Discounts $16,770 $196,470 111,770 Cash Accounts Receivable Rent Revenue Retained Earnings Salaries and Wages Payable Sales Revenue Notes Receivable Accounts Payable Accumulated Depreciation-Equipment 24,770 166,770 24,770 1,106,770 116,770 55,770 29,354 21,270 24,270 Sales Discounts Sales Returns and Allowances Notes Payable 76,770