Madison Corp provided the following adjusted trial balance. Prepare financial statements including a multi-step income statement, statement of retained earnings and classified balance sheet on December 31, 2020:

Checkpoint: Total Assets = $231,200

	Debit	Credit
Cash	89,650
Accounts Receivable	45,160
Allowance for Bad Debts		10,200
Inventory	36,400
Supplies Inventory	1,530
Prepaid Insurance	1,000
Equipment	89,760
Accumulated Depreciation Equipment		22,100
Accounts Payable		9,600
Salaries Payable		2,800
Interest Payable		650
Unearned Revenues		2,350
Notes Payable, long-term		25,000
Common Stock		30,000
Retained Earnings		73,860
Dividends	7,000
Sales Revenue		298,650
Sales Returns & Allowances	9,000
Sales Discounts	5,000
Cost of Goods Sold	83,120
Salaries Expense	78,340
Rent Expense	9,850
Utilities Expense	5,800
Depreciation Expense	7,900
Supplies Expense	2,200
Bad Debt Expense	3,500
Total	$475,210	$475,210