Create an income statement from the Trial balance 2020

Account Description	Debit Amt	Credit Amt
Cash on Hand	$2,275.23
Regular Checking Account	$557,125.92
Payroll Checking Account
Savings Account	$3,645,599.15
Accounts Receivable	$51,515,259.98
Other Receivables	$1,250,000.00
Allowance for Doubtful Accounts		$1,239,009.75
Inventory	$67,724,527.50
Reserve for Inventory Obsolescence		$846,000.00
Prepaid Insurance	$3,424,213.78
Prepaid Rent
Office Supplies	$8,540.00
Notes Receivable-Current
Other Current Assets
Land	$117,000.00
Buildings and Land Improvements	$674,313.92
Machinery, Equipment, Office Furniture	$2,929,097.13
Accum. Depreciation		$609,500.00
Investments	$1,998,780.39
Other Noncurrent Assets	$53,840.59
Accounts Payable		$1,922,095.91
Sales Tax Payable
Wages Payable
FICA Employee Withholding		$8,439.65
Medicare Withholding		$11,414.99
Federal Payroll Taxes Payable		$118,086.12
FUTA Tax Payable
State Payroll Taxes Payable		$55,106.86
SUTA Tax Payable
FICA Employer Withholding		$8,439.65
Medicare Employer Withholding		$11,414.99
Line of Credit		$44,403,000.00
Current Portion Long-Term Debt
Other Current Liabilities
Notes Payable-Noncurrent		$12,000,000.00
Common Stock		$8,105,000.00
Paid-in Capital		$7,423,000.00
Retained Earnings		$6,590,983.64
Sales - Spotlight		$242,713,452.88
Sales Returns	$11,100,220.89
Warranty Expense	$1,158,128.47
Income from Investments		$1,426,089.31
Interest Income		$131,881.46
Miscellaneous Income		$2,166,000.00
Cost of Goods Sold	$130,196,645.26
Account Description	Debit Amt	Credit Amt
Freight	$4,240,263.09
Advertising Expense	$1,036,854.01
Auto Expenses	$210,502.80
Research and Development	$528,870.44
Depreciation Expense	$446,000.00
Warehouse Salaries	$4,720,715.56
Property Tax Expense	$99,332.45
Legal and Professional Expense	$4,913,224.45
Bad Debt Expense
Insurance Expense	$36,106.92
Maintenance Expense	$35,502.87
Utilities	$137,332.18
Phone	$52,599.02
Postal	$77,803.61
Miscellaneous Office Expense	$24,891.82
Payroll Tax Exp	$1,577,811.85
Pension/Profit-Sharing Plan Ex	$3,300,000.00
Rent or Lease Expense	$1,206,574.00
Administrative Wages Expense	$16,197,225.43
Interest Expense	$2,591,736.50
Income Tax Expense - Federal	$8,900,000.00
Income Tax Expense - State	$3,100,000.00
	$329,788,915.21	$329,788,915.21