Many years ago, Joe Doe from New York bought a tea company specialized in chinense tea. The tea company's adjusted trial balance at December 31, 2024, is below: Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation Notes payable (due in three months) Accounts payable Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals Required: Debit Credit $ 11,800 163,000 6,300 38,000 430,000 $ 138,000 43,000 43,000 5,300 15,600 265,000 78,600 13,300 $30,000 245,000 133,000 28,000 43,000 3,300 3,800 5 1,118,500 $1,118,500 Please prepare an income statement for the company for the year ended December 31, 2024 CHINA TEA COMPANY @ a 4:17 Required: Please prepare an income statement for the company for the year ended December 31, 2024. CHINA TEA COMPANY Income Statement For the Year Ended December 31, 2024 Cash Common stock Operating expenses Total operating expenses Operating income Other expense Net income