On December $1,2020,$ Lily company add the following account balances.Debits: cash $17,700,$ notes receivable $2000,$ accounts receivable $7400,$ inventory $16,600,$ prepaid insurance $1600,$ equipment $28,300$ equaling to $73,600.$Credits: accumulated depreciation equipment $3000,$ accounts payable $6200,$ owners capital $64,400$ total equaling $73,600.$during December the company completed the following transactions: December $7$ received $3700$ cash from customers in payment of account$($no discount allowed$),$ December $12$ purchase merchandise on account from Vance CO $12,000,$ terms $1/10,$ and n$/30.$ December $17$ sold merchandise on account $15,700$ terms $2/10$ and n$/30$ the cost of the merchandise sold was $9200.$ December $19$ paid salaries $2200.$ December $22$ paid rent CO in for less discount. December $26$ received collections in full, less discounts from customers build on December $17.$ December $31$ received $2600$ cash from customers in payment of account$($ No discount allowed$).$adjusted $$data: Depreciation $$210$ per month$$insurance expired $$400.$ Prepare an income statement for December