instruction prepare an income statment and ertained earnings statment . assume that the only changes in retained earnings during the current year from net income and dividens . thirty thousand ordinary sharea were outstanding the enter year

2 3 4 P4-3 (Income Statement, Retained Earnings, Periodic Inventory) PRESENTED BELOW is The Trial balance 6 B of Thompson CORPORATION at December 31, 2015. Credit 10,000 18,000 160,000 18.000 1,100,000 49.000 28.000 70.000 THOMPSON CORPORATION TRIAL BALANCE DECEMBER 31, 2015 Debit Purchase Discounts Cash 189.700 Accounts Receivable 105,000 Rent Revenue Retained Earnings Salaries and Wages Payable Sales Revenue Notes Receivable 110,000 Accounts Payable Accumulated Depreciation -- Equipment Sales Discounts 14,500 Sales Returns and Allowances 17.500 Notes Payable Selling Expenses 232.000 Administrative Expenses 99,000 Share Capital - Ordinary Income Tax Expense 53.900 Cash Dividends 45.000 Allowance for Doubtful Accounts Supplies 14.000 Freight-In 20.000 70.000 Land Equipment 140,000 Bonds Payable Gain on Sale of Land Accumulated Depreciation - Buildings Inventory 89.000 Buildings 98.000 Purchases 610.000 51.907,600 Totals 300.000 5,000 100.000 30.000 19.600 1,907.600 A physical count of INVENTORY ON December 31 Rid in a INVENTORY amount of 64,000; thus, cost of goods ord for 2015 1 645,000. A physical count of INVENTORY ON DECEMBER 31 RESULTS IN AN INVENTORY amount of 64,000, thus, OH goods sold for 2015 is 45,000