Classified Balance Sheet Jerrison Company operates a wholesale hardware business. The following balance sheet accounts and balances are available for Je December 31. Accounts payable $65,100 Equipment, data processing $309,000 Accounts receivable 95,500 Income taxes payable 21,600 Accumulated depreciation Interest payable 12,600 (on building) 216,800 Inventory 187,900 Accumulated depreciation Investments (long-term) 32,700 (on data processing equipment) 172,400. Investments (short-term) 21,000 Accumulated depreciation Land 41,000 < (on trucks) 31,200 Notes payable (due in 6 months) 150,000 Bonds payable (due in 4 years) 200,000 Prepaid insurance (for 4 months) 5,700 Building (warehouse) 419,900. Retained earnings, Dec. 31 ? Cash 11,400 Salaries payable 14,400 Common stock 150,000 Trucks 106,100 Required: Income Statement The following information is available for Wright Auto Supply at December 31. Cost of goods sold $292,000 Rent expense $21,000. Depreciation expense 31,250 Salaries (administrative) 33,800 Income taxes expense 32,520 Sales revenue 585,600 Interest expense 2,400 Wages expense (salespeople) 96,750 Required: 1. Prepare a single-step income statement for the year ended December 31. Wright Auto Supply Income Statement For the year ending December 31 Revenues: Expenses: Check My Work Previe