Nike Inc. Trial Balance as of December 31, 2023:

• Sales Revenue: $60,000,000
• Cost of Goods Sold: $28,000,000
• Operating Expenses: $18,000,000
• Interest Income: $700,000
• Interest Expense: $1,000,000
• Income Tax Expense: $3,000,000

Requirements:

1. Prepare an adjusted trial balance.
2. Create an Income Statement for the year ending December 31, 2023.
3. Calculate the Earnings Before Interest and Taxes (EBIT).
4. Compute the Net Income.
5. Assess Nike’s financial performance based on the Income Statement.