ONLY NEED QUESTION 6!!! Prepare an income statement for the year????

Problem 3-17 Cost Flows; T-Accounts; Income Statement [LO3-2, LO3-3, LO3-4] Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company's balance sheet accounts as of January 1, are given below. Supreme Videos, Inc Balance Sheet January 1 Assets Current assets $ 73,000 Cash Accounts receivable 112,000 Inventories: Raw materials (film, costumes) Videos in process 40,000 32,000 Finished videos awaiting sale Prepaid insurance 91,000 163,000 11,000 359,000 Total current assets Studio and equipment Less accumulated depreciation 750,000 220,000 530,000 $889,000 Total assets Liabilities and Stockholders' Equity Accounts payable Capital stock Retained earnings $179,000 $430,000 280,000 710,000 $889,000 Total liabilities and stockholders' equity Because the videos differ in length and in complexity of production, the company uses a job-order costing system to determine the cost of each video produced. Studio (manufacturing) overhead is charged to videos on the basis of camera-hours of activity. The company's predetermined overhead rate for the year is based on a cost formula that estimated $250,000 in manufacturing overhead for an estimated allocation base of 5,000 camera-hours. The following transactions occurred during the year a. Film, costumes, and similar raw materials purchased on account, $195,000. b. Film, costumes, and other raw materials used in production, $210,000 (80% of this material was considered direct to the videos in production, and the other 20% was considered indirect) c. Utility costs incurred on account in the production studio, $82,000. d. Depreciation recorded on the studio, cameras, and other equipment, $94,000. Three-fourths of this depreciation related to production of the videos, and the remainder related to equipment used in marketing and administration. e. Advertising expense incurred on account, $140,000. f. Costs for salaries and wages were incurred on account as follows: $ 92,000 Direct labor (actors and directors) Indirect labor (carpenters to build sets, costume designers, and so forth) Administrative salaries $ 120,000 $ 105,000 g. Prepaid insurance expired during the year, $8,000 (75% related to production of videos, and 25% related to marketing and administrative activities). h. Miscellaneous marketing and administrative expenses incurred on account, $9,600. i. Studio (manufacturing) overhead was applied to videos in production. The company used 7,000 camera-hours during the year. j.Videos that cost $560,000 to produce according to their job cost sheets were transferred to the finished videos warehouse to await sale and shipment. k. Sales for the year totaled $945,000 and were all on account. The total cost to produce these videos according to their job cost sheets was $610,000 Collections from customers during the year totaled $860,000. m. Payments to suppliers on account during the year, $510,000; payments to employees for salaries and wages, $301,000. Required: 1. Prepare a T-account for each account on the company's balance sheet and enter the beginning balances. 2. Record the transactions directly into the T-accounts. Key your entries to the letters (a) through (m) above. 3. Is the Studio (manufacturing) Overhead account underapplied or overapplied for the year? By how much? 4. Prepare a schedule of cost of goods manufactured. 5. Prepare a schedule of cost of goods sold. 6. Prepare an income statement for the year. Problem 3-17 Cost Flows; T-Accounts; Income Statement [LO3-2, LO3-3, LO3-4] Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company's balance sheet accounts as of January 1, are given below. Supreme Videos, Inc Balance Sheet January 1 Assets Current assets $ 73,000 Cash Accounts receivable 112,000 Inventories: Raw materials (film, costumes) Videos in process 40,000 32,000 Finished videos awaiting sale Prepaid insurance 91,000 163,000 11,000 359,000 Total current assets Studio and equipment Less accumulated depreciation 750,000 220,000 530,000 $889,000 Total assets Liabilities and Stockholders' Equity Accounts payable Capital stock Retained earnings $179,000 $430,000 280,000 710,000 $889,000 Total liabilities and stockholders' equity Because the videos differ in length and in complexity of production, the company uses a job-order costing system to determine the cost of each video produced. Studio (manufacturing) overhead is charged to videos on the basis of camera-hours of activity. The company's predetermined overhead rate for the year is based on a cost formula that estimated $250,000 in manufacturing overhead for an estimated allocation base of 5,000 camera-hours. The following transactions occurred during the year a. Film, costumes, and similar raw materials purchased on account, $195,000. b. Film, costumes, and other raw materials used in production, $210,000 (80% of this material was considered direct to the videos in production, and the other 20% was considered indirect) c. Utility costs incurred on account in the production studio, $82,000. d. Depreciation recorded on the studio, cameras, and other equipment, $94,000. Three-fourths of this depreciation related to production of the videos, and the remainder related to equipment used in marketing and administration. e. Advertising expense incurred on account, $140,000. f. Costs for salaries and wages were incurred on account as follows: $ 92,000 Direct labor (actors and directors) Indirect labor (carpenters to build sets, costume designers, and so forth) Administrative salaries $ 120,000 $ 105,000 g. Prepaid insurance expired during the year, $8,000 (75% related to production of videos, and 25% related to marketing and administrative activities). h. Miscellaneous marketing and administrative expenses incurred on account, $9,600. i. Studio (manufacturing) overhead was applied to videos in production. The company used 7,000 camera-hours during the year. j.Videos that cost $560,000 to produce according to their job cost sheets were transferred to the finished videos warehouse to await sale and shipment. k. Sales for the year totaled $945,000 and were all on account. The total cost to produce these videos according to their job cost sheets was $610,000 Collections from customers during the year totaled $860,000. m. Payments to suppliers on account during the year, $510,000; payments to employees for salaries and wages, $301,000. Required: 1. Prepare a T-account for each account on the company's balance sheet and enter the beginning balances. 2. Record the transactions directly into the T-accounts. Key your entries to the letters (a) through (m) above. 3. Is the Studio (manufacturing) Overhead account underapplied or overapplied for the year? By how much? 4. Prepare a schedule of cost of goods manufactured. 5. Prepare a schedule of cost of goods sold. 6. Prepare an income statement for the year