Need to produce the following income statement from the Unadjusted Trial Balance + adjusted entries shown below.

SALES:
			$
EXPENSES:
Selling Expenses:
Total Selling Expenses:
Administrative Expenses:
Total Administrative Expenses:
Total Expenses:
Net:

PALISADE CREEK CO.

Unadjusted Trial Balance

31-May-16

Debit Balances

Credit Balances

Cash

84,500

Accounts Receivable

245,875

Merchandise Inventory

583,950

Prepaid Insurance

16,800

Store Supplies

13,800

Store Equipment

569,500

Accumulated Depreciation--Store Equipment

56,700

Accounts Payable

63,150

Salaries Payable

-

Customers Refunds Payable

29,270

Common Stock

100,000

Retained Earnings

570,100

Dividends

135,000

Sales

5,376,205

Cost of Merchandise Sold

3,013,000

Sales Salaries Expense

720,800

Advertising Expense

292,000

Depreciation Expense

-

Store Supplies Expense

-

Miscellaneous Expense

12,600

Office Salaries Expense

411,100

Rent Expense

88,700

Insurance Expense

-

Miscellaneous Administrative Expense

7,800

Date	Description	Debit	Credit
	Adjusting Entries
31-May	Insurance Expense	12,000
	Prepaid Insurance		12,000
31-May	Supplies Expense	9,800
	Supplies		9,800
31-May	Depreciation Expense	1,400
	Accumulated depreciation - store equipment		1,400
31-May	Sales salaries expenses	7,000
	Office salaries expense	6,600
	Salaries payable		13,600