Drexel Co. had the following lists of some selected accounts taken from its adjusted trial balance at December 31, 2019.Prepare a completemulti-stepincome statement for 2019.

Accounts payable$10,000;Accounts receivable$14,000

Accumulated depreciation19,400;Advertising expense6,500

Sales revenue (gross)148,000;Common stock40,000

Cash50,000;Purchases (net)66,000

Depreciation expense11,000;Insurance expense2,900

Freight out1,500;Beginning inventory22,200

Freight in800;Sales return and allowance6,800

Prepaid expense8,200:Retained earnings64,100

Salaries expense26,000;Salaries payable3,800

Supplies expense2,300;Unearned revenue6,100

Dividend4,000;Ending inventory16,000

Income tax rate = 30%