College Coasters is a San Diegobased merchandiser specializing in logo-adorned drink coasters. The company reported the following balances in its unadjusted trial balance at December 1.

Cash	$	10,005
Accounts Receivable		2,000
Inventory		500
Prepaid Rent		600
Equipment		810
Accumulated Depreciation		110
Accounts Payable		1,500
Salaries and Wages Payable		300
Income Taxes Payable		0
Common Stock		6,500
Retained Earnings		3,030
Sales Revenue		15,985
Cost of Goods Sold		8,900
Rent Expense		1,100
Salaries and Wages Expense		2,000
Depreciation Expense		110
Income Tax Expense		0
Office Expenses		1,400

The company buys coasters from one supplier. All amounts in Accounts Payable on December 1 are owed to that supplier. The inventory on December 1 consisted of 1,000 coasters, all of which were purchased in a batch on July 10 at a unit cost of $0.50. College Coasters records its inventory using perpetual inventory accounts and the FIFO cost flow method. During December, the company entered into the following transactions. Some of these transactions are explained in greater detail below.

1. Purchased 500 coasters on account from the regular supplier on 12/1 at a unit cost of $0.52, with terms of n/60.
2. Purchased 1,000 coasters on account from the regular supplier on 12/2 at a unit cost of $0.55, with terms of n/60.
3. Sold 2,000 coasters on account on 12/3 at a unit price of $0.90.
4. Collected $1,000 from customers on account on 12/4.
5. Paid the supplier $1,600 cash on account on 12/18.
6. Paid employees $500 on 12/23, of which $300 related to work done in November and $200 was for wages up to December 22.
7. Loaded 100 coasters on a cargo ship on 12/31 to be delivered the following week to a customer in Kona, Hawaii. The sale was made FOB destination with terms of n/60.

Other relevant information includes the following at 12/31:

8. College Coasters has not yet recorded $200 of office expenses incurred in December on account.
9. The company estimates that the equipment depreciates at a rate of $10 per month. One month of depreciation needs to be recorded.
10. Wages for the period from December 2331 are $100 and will be paid on January 15.
11. The $600 of Prepaid Rent relates to a six-month period ending on May 31 of next year.
12. The company incurred $789 of income tax but has made no tax payments this year.
13. No shrinkage or damage was discovered when the inventory was counted on December 31.
14. The company did not declare dividends and there were no transactions involving common stock.

General Income Balance Sheet Analysis Requirement General Ledger Trial Balance Statement Journal Choose the appropriate accounts to be reported on the income statement. Select the 'adjusted' from the dropdown, which will then populate the balances in those accounts from the trial balance. However, you will need to calculate and enter the amount of the net income or loss for the year ended December 31 Adjusted COLLEGE COASTERS Income Statement For the Year Ended December 31 Revenues: Sales Revenue 17,785 0 Gross Profit 17,785 Operating Expenses: Cost of Goods Sold 9,935 Rent Expense 1,700 Salaries and Wages Expense 2,100 Depreciation Expense 120 Income Tax Expense 789 Total Operating Expenses 14,644 Income before Income Tax Expense 3,141 Retained Earnings 3,030 Net Income 111 Trial Balance Balance Sheet > *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted