*** Please Prepare a 2017 income statement with the following information***

*** Please Prepare a 2017 income statement ***

Fill in the blanks

Thank you

Grouper Corp.'s unadjusted trial balance at December 1, 2017, is presented below. Debit Credit Cash $25,000 Accounts Receivable 35,800 Notes Receivable 9,600 Interest Receivable 0 Inventory 36,020 Prepaid Insurance 3,300 Land 21,800 Buildings 149,400 Equipment 60,000 Patent 9,450 Allowance for Doubtful Accounts $400 Accumulated Depreciation-Buildings 49,800 Accumulated Depreciation Equipment 24,000 Accounts Payable 27,200 Salaries and Wages Payable O Notes Payable (due April 30, 2018) 11,500 Income Taxes Payable 0 Interest Payable 0 Notes Payable (due in 2023) 35,400 Common Stock 57,700 Retained Earnings 16,570 Dividends 12,000 Sales Revenue 944,500 Interest Revenue 0 Gain on Disposal of Plant Assets 0 Bad Debt Expense 0 Cost of Goods Sold 637,000 Depreciation Expense 0 Income Tax Expense o Insurance Expense 0 Interest Expense 0 Other Operating Expenses 61,700 Amortization Expense 0 Salaries and Wages Expense 106,000 Total $1,167,070 $1,167,070 The following transactions occurred during December. Dec. 2. Purchased equipment for $15,600, plus sales taxes of $1,200 (paid in cash). 2 Grouper sold for $3,500 equipment which originally cost $4,800. Accumulated depreciation on this equipment at January 1, 2017, was $1,900; 2017 depreciation prior to the sale of equipment was $400. 15 Grouper sold for $5,500 on account inventory that cost $3,300. 23 Salaries and wages of $6,550 were paid. Adjustment data: 1. Grouper estimates that uncollectible accounts receivable at year-end are $3,810. 2. 3. The note receivable is a one-year, 8% note dated April 1, 2017. No interest has been recorded. The balance in prepaid insurance represents payment of a $3,300, 6-month premium on September 1, 2017. The building is being depreciated using the straight-line method over 30 years. The salvage value is $31,500. 4. 5. The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost. 6. The equipment purchased on December 2, 2017, is being depreciated using the straight-line method over 5 years, with a salvage value of $2,400. 7. The patent was acquired on January 1, 2017, and has a useful life of 9 years from that date. 8. Unpaid salaries at December 31, 2017, total $2,180. 9. Both the short-term and long-term notes payable are dated January 1, 2017, and carry a 10% interest rate. All interest is payable in the next 12 months. 10 Income tax expense was $14,300. It was unpaid at December 31. Prepare an adjusted trial balance at December 31, 2017. GROUPER CORP. Adjusted Trial Balance December 31, 2017 Debit Credit Cash 5150 Accounts Receivable 41300 Notes Receivable 9600 Interest Receivable 576 Inventory 32720 Prepaid Insurance 1100 Land 21800 Buildings 149400 Equipment 72000 Patents 8400 Allowance for Doubtful Accounts 3810 Accumulated Depreciation Buildings 53730 Accumulated Depreciation Equipment 32276 Accounts Payable 27200 Salaries and Wages Payable 2180 Notes Payable 46900 Income Taxes Payable 14300 Interest Payable 4690 Salaries and Wages Expense 114730 Common Stock 57700 Retained Earnings 16570 Dividends 12000 Sales Revenue 950000 Interest Revenue 576 Gain on Disposal of Plant Assets 1000 Bad Debt Expense 3410 Cost of Goods Sold 640300 Depreciation Expense 14506 Income Tax Expense 14300 Insurance Expense 2200 Interest Expense 4690 Other Operating Expenses 61700 Amortization Expense 1050 Totals 1210932 $ 1210932 Prepare a 2017 income statement. GROUPER CORP. Income Statement $ $