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Exercise 1-8 The following items and amounts were taken from Nash's Trading Post, LLC's 2017 income statement and balance sheet. Cash $ 84,500 Retained earnings 120,000 Cost of goods sold 435,000 Salaries and wages expense 114,000 Prepaid insurance 7,800 Inventory 64,000 Accounts receivable 87,000 Sales revenue 580,000 Notes payable 6,100 Accounts payable 49,000 Service revenue 4,500 Interest expense 1,700 In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory Accounts receivable Sales revenue Notes payable Accounts payable Service revenue Interest expense Prepare an income statement for Nash's Trading Post, LLC for the year ended December 31, 2017. Nash's Trading Post, LLC Income Statement