Efficient Business Systems uses a perpetuat inventory system. The adjusted trial balance of Efficient Business Systems at March 31, 2024, follows: (Click the icon to view the adjusted trial balance) Prepare Efficient's single-step income statement for the year ended March 31, 2024. Data Table Efficient Business Systems Income Statement Year Ended March 31, 2024 Efficient Business Systems Adjusted Trial Balance March 31, 2024 Balance Credit Debit 5 3.200 Account Title Cash Accounts Receivable Merchandise Inventory Estimated Returns Inventory Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Refunds Payable Salaries Payable Notes Payable, long-term Common Stock 13,600 31.100 1,600 6,800 42,000 $ 13,300 6,400 Net Income (L03) 1,000 900 7,500 12,000 Retained Earnings 11450 1,600 6,800 42,000 $ 13,300 Estimated Returns Inventory Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Refunds Payable Salaries Payable Notes Payable, long-term 6,400 1,800 900 7,500 Common Stock 12,000 Retained Earnings 11,450 Dividends 43,000 Sales Revenue 237,000 Sales Discounts Forfeited 1,000 Cost of Goods Sold 106,650 Selling Expense Administrative Expense 26,900 14,300 2,200 Interest Expense $ 291,350 $ 291,350 Total