Exercise 3-56 Preparing an Income Statement Oxmoor Corporation prepared the following adjusted trial balance. Oxmoor Corporation Adjusted Trial Balance December 31, 2019 Account Debit Credit Cash $13,300 Accounts Receivable 6,700 Prepaid Rent 54,000 Inventory 481,400 Long-Term Investment 110,900 Equipment 88,000 Accumulated Depreciation $23,700 Accounts Payable 111,700 Interest Payable 4,400 Note Payable (short-term) 50,000 Bonds Payable 180,000 Common Stock 300,000 Retained Earnings, 1/1/2019 45,635 Dividends 50,000 Sales Revenue 583,900 Cost of Goods Sold 277,000 Wages Expense 98,250 Rent Expense 50,000 Depreciation Expense 29,000 Interest Expense 2,700 Income Taxes Expense 38,085 Totals $1,299,335 $1,299,335 Required: Prepare a single-step income statement for Oxmoor for the year ended December 31, 2019 Oxmoor Corporation Income Statement For the Year Ended December 31, 2019 Revenues: Expenses Total expenses