College Spirit sells sportswear with logos of major universities. At the end of 2019, the following balance sheet account balances were available. Income taxes payable Inventory Accounts payable Accounts receivable Accumulated depreciation Bonds payable Cash $104,700 6,700 23,700 180,000 13,300 300,000 88,000 Long-term Investment Note payable, short-term Prepaid rent (current) Retained earnings, 12/31/2019 $11,400 481,400 110,900 50,000 54,000 84,500 Common shares Furniture Exercise 1-48 Income Statement The following information is available for Wright Auto Supply at December 31, 2019. Cost of goods sold Rent expense Depreciation expense Salaries (administrative) $292,000 31,250 32,520 2,400 $21,000 33,800 585,600 96,750 Income tax expense Sales revenue Interest expense Wages expense (salespeople) Required: 1. Prepare a single-step income statement for the year ended December 31, 2019