Holy cross Industries perform adjusting entries every month, but close its accounts only at year end. The Agency's year -end adjusted Trial Balance dated December 31, 2018, appears below.

DATA

Accounts Payable

57,000

Accounts Receivable

34,000

Building

255,000

Cash

15,000

Equipment

76,000

Loan from bank

320,000

Prepaid Expenses

12,000

Sales

123,000

Salary Expense

22,000

Utility Expense

8,000

Long-term liability

35,000

Trademarks

6,000

Short-term Notes Payable

44,000

Interest Expenses

4,500

Inventory

82,000

Cost of Goods Sold

62,000

Income Tax Expense

4,500

Prepare an Income Statement for the year ended December 31, 2018. Also prepare Holy cross Industries balance sheet dated December 31, 2018.