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Presented below is the trial balance of Thompson Corporation at December 31, 2018. THOM PSON CORPORATION Trial Balance Year Ended December 31, 2018 Debits Credits $10,000 Purchase Discounts $189,700 105,000 Cash Accounts Receivable Rent Revenue Retained Earnings Salaries Payable Sales Notes Receivable 18,000 160,000 18,000 1,100,000 110,000 Accounts Payable 49,000 28,000 Acc. Depreciation-Equip Sales Discounts Sales Returns Notes Payable Selling Expenses Administrative Expenses Common Stock, $10 par Income Tax Expense Cash Dividends Allow. for Doubtful Accounts Supplies 14,500 17,500 70,000 232,000 99,000 Note: 129 Shares Outstanding 300,000 30,000 53,900 45,000 5,000 Freight-in Land Equipment Bonds Payable 14,000 20,000 70,000 140,000 100,000 30,000 19,600 Gain on Sale of Land Accumulated Depreciation-Bldg Merchandise Inventory Building Purchases 89,000 98,000 610,000 Totals $1,907,600 $1.907,600 A physical count of inventory on December 31 resulted in an inventory amount of 564,000 Follow theinstructions on the separate handout to preparea schedule calculating cost of goods sold, an incomeslutement and a statement of stockholders' equity 2 14 Use the Spreadsheet provided to prepare your answer. Be sure to save the file as you are using it. Upload the final product in the Assignment section of Blackboard. Your spreadsheet will have four tabs that you should label: 1. Data (given) 2. Cost of Goods Sold 3. Income Statement 4. Retained Earnings Each number on every spreadsheet must tie either to another number on the spreadsheet with a formula or to the original data. Required: . Prepare a schedule showing the caleulation of cost of goods sold. 2. Prepare a single-step income statement in good form, with income tax shown separately 3. Prepare a statement of retained earnings for the year. Your completed statements should be formatted correctly in the same font and using dollar signs and underlines where appropriate. Hint: Print the data page, organize your numbers, then tie your spreadsheet amounts to the original data in your spreadsheet. ALL numbers must be tied in