Please prepare the Income Statement, Statement of Retained Earnings and Statement of Financial Position.

Flounder Athletic Wear Inc's adjusted trial balance amounts (with the exclusion of the adjusting entry to update Inventory and Cost of Goods Sold accounts) appear in alphabetical order as follows on December 31, 2021, the end of its fiscal year: Additional information: 1. Flounder Athletic Wear uses a periodic inventory system. 2. A physical inventory count determined that inventory on December 31,2021 , was $102,366. 3. Of the mortgage payable, $17,625 is due in the next year. 4. Common shares of $35,250 were issued during the year