For the information above, prepare the following financial statements for the year 2016

1) Income Statement

2) Statement of Retained earnings

3) Balance Sheet

Debit Credit 76 104 60 150 31 9 5 TRIAL BALANCE@ 12/31/2016 (in millions) Accounts Payable Accounts Receivable Accumulated Depreciation - Equipment Additional Paid-in Capital Advertising expenses Allowance for Doubtful Accounts Bad debt expense Bond Payable (9 % 10 year maturity) Notes Payable due 2047 Cash Common Stock, ($1 Par Value) Cost of Goods Sold Depreciation Exp - Equipment Equipment Finished Goods Intangible Asset Income Taxes Expense 30 140 447 50 225 15 115 291 15 25 Interest expense 10 Land 50 35 Rent Expense Retained Eamnings (beginning) Salaries Expense 128 92 Sales 857 Treasury Stock 40 Taxes Payable 25 15 Wages Payable Prepaid Insurance TOTALS 40 1,540 1,540