Assume that you are the controller of Nuclear Company. At December 31, 2020, the end of the first year of operations, the following financial data for the company are available:

Cash $ 26,600

Accounts Receivable 13,600

Inventory 91,600

Equipment 46,600

Accounts Payables 52,850

Salary payable for 2020 (on December 31, 2020, this was owed to an employee, but the amount was not paid until January 10, 2021) 2,800

Total sales revenue 156,000

Total Expenses(excluding income taxes) 103,500

Income taxes expense (at 30% of pretax earnings); all paid during 2020 ?

Common shares, 8,600 shares outstanding 86,000

No dividends were declared or paid during 2020.

Required:

1. Prepare an income statement for the year ended December 31, 2020.