A535 X V fx A B C D E F G H purchased during the year . Interest expense from bank loan are paid with the year. 469 4/0 4/1 Assume the tax rate is 33%. Assume income tax has already been paid. You will just have to calculate the income 472 tax expense on the income statement. 473 474 Blue Electric Inc. 475 Adjusted Trial Balance 476 December 31, 2023 477 Account Title Debit Credit 478 C $58,949 179 Accounts Receivable $30,160 480 Interest Receivable $6,384 181 Prepaid Insurance $ 5,610 182 Short-Term Investment - Citi Inc. $212,800 483 Short-Term Investments - Bonds $106,400 184 Valuation Allowance for Fair Value Adjustme $44,080 485 Inventory $103,950 486 Investment in HSBC Inc. Common shares $653,220 187 Long-Term Investment - Bond $120,000 488 Discount on Bonds $19,378 489 Property, Plant & Equipment $240,000 490 Accumulated Depreciation $92,000 491 Accounts Payable $189,000 492 Interest Payable $37,500 493 Unearned Revenue $18,400 494 Premium on Bonds 495 Bonds Payable $450,000 496 Bank Loan $200,000 497 Common Shares $304,000 Preferred Shares $99,000 9 Retained Earnings $113,220 500 Interest Revenue $14,184 501 Revenue from Investment in HSBC Inc. $110,700 502 Unrealized Gain on Fair Value Adjustment $44,080 503 Income Tax Savings - Discontinued Operation $22,770 Sheet 1 Enter 1% Accessibility: Investigate 14'C Q SearchE Merge & Cent Format Painter Clipboard Fon Alignment A535 XV fx B C D E F G H 492 Interest Payable $37,500 493 Unearned Revenue $18,400 494 Premium on Bonds 495 Bonds Payable $450,000 496 Bank Loan $200,000 497 Common Shares $304,000 498 Preferred Shares $99,000 199 Retained Earnings $113,220 500 Interest Revenue $14,184 501 Revenue from Investment in HSBC Inc. $110,700 502 Unrealized Gain on Fair Value Adjustment $44,080 503 Income Tax Savings - Discontinued Operation $22,770 504 Sales Revenue $730,000 505 Sales Discounts $21,900 506 Sales Returns and Allowances $36,500 507 Cost of Goods Sold $306,600 Depreciation Expense $40,000 509 Insurance Expense $5,100 510 Interest Expense $57,308 511 Loss from Discontinued Operations $69,000 512 Maintenance Expense $34,500 513 Professional Fees Expense $21,300 514 Rent Expense $48,800 515 Salaries Expense $79,400 516 Telephone Expense $5,870 517 Travel Expense $26,700 518 Income Tax Expense - Continuing Operations $70,945 519 Unrealized Loss on Fair Value Adjustment 520 Total $2,424,854 $2,424,854 521 Notes: 522 The bank loan is payable over 8 years and $25,000 will be paid by December 31, 2024. The interest on this loan is 523 9% per annum 525 Prepare a multistep income statement for the year ending December 31, 2023. Round answers to the nearest 526 whole number Sheet 1 inter 1X Accessibility: Investigate 0 142C Q Search19 Unrealized Loss on Fair Value Adjustment 520 Total $2,424,854 $2,424,854 521 Notes: 522 The bank loan is payable over 8 years and $25,000 will be paid by December 31, 2024. The interest on this loan is 523 9% per annum. 524 323 Prepare a multistep income statement for the year ending December 31, 2023. Round answers to the nearest 526 whole number. 527 29 Marks 528 Blue Electric Inc. 529 Income Statement 530 For the Year Ended December 31, 2023 531 Sales Revenue $730,000 532 Sales Return and Allowances 36,500 533 Sales Discounts 21,900 534 Net Sales 58,400 535 536 537 + 538 539 540 541 542 543 544 545 546 547 548 549 550 551 Sheet 1 + Enter RX Accessibility: Investigate 14 C Cloudy Q Search mother