LO4 E3-23A. (Learning Objective 4: Construct the financial statements) The adjusted trial balance of Pearl Industries, Inc., follows. A1 E Credit $ 2,400 Pearl Industries, Inc. Adjusted Trial Balance 1 December 31, 2018 2 (Amounts in thousands) 3 Account Debit 4 Cash $ 4,400 5 Accounts receivable 1,600 6 Inventories 2,700 7 Prepaid expenses 1,800 8 Property, plant, and equipment 16,500 9 Accumulated depreciation-property, plant, and equipment 10 Other assets 9,700 11 Accounts payable 12 Income tax payable 13 Other liabilities 14 Common stock 15 Retained earnings (beginning December 31, 2017) 16 Dividends 1,600 17 Sales revenue 18 Cost of goods sold 25,100 19 Selling, administrative, and general expenses 10,500 20 Income tax expense 2,900 21 Total $76,800 22 7,900 400 2,700 14,500 5,700 43,200 $76,800 Requirement 1. Prepare Pearl Industries, Inc.'s single-step income statement and statement of retained earnings for the year ended December 31, 2018, and its balance sheet on that date