Ch4 H.W(1): (Income Statement, Retained Earnings) Presented below is information related to Intalio Corporation at December 31, 2018. Sales revenue Sales discounts $2,420,500 25,500 Property tax expense (100% administrative) 7,320 Sales returns and allowances 55,000 Bad debt expense (100% selling) 6,000 Cost of goods sold 750,000 Maintenance expense 9,000 Salaries and wages expense 60,000 (100% administration) (85% sales) Office expenses 8,000 Sales commissions 100,000 unrealized gain on non-trading $50,000 Travel expense (90% 22,000 equity securities salespersons) Dividend revenue 40,000 Delivery expense 18,000 Interest expense 18,000 Entertainment expenses (75% 12,000 Utilities expense (50% Sales) 8,000 administrative) Loss on sale of old furniture 2,000 Telephone and Internet expense 10,000 Interest revenue 1,000 (100% sales) Depreciation overstatement 20,000 Depreciation expense (sales 5,000 due to error-2017 (net of tax) equipment) gain on the disposition of the 12,000 Maintenance and repairs expense 6,000 global division (net of tax) (90%sales) Loss on operation of the global 30,000 Miscellaneous selling 4,500 division (net of tax) expenses(80% sales) Dividends declared on preference 10,000 Supplies expense (100% 3,450 shares Administrative) Dividends declared on ordinary 50,000 Telephone and Internet expense 2,820 shares (100% administration) Retained earnings at January 1, 350,000 Depreciation expense (office 7,250 2018 furniture and equipment) Ordinary share outstanding 100,000 Requirements 1- Prepare the comprehensive income statement (one statement approach) for the year ended June 30, 2018. 2- Prepare the retained earnings statement Assume the company had $35,000.