Pr$.$ C$-94$ Preparation of financial statements

The following is an alphabetical listing of Poison Ivy Inc.$$s accounts at their year end December $31,2023.$ All accounts have normal balances.

Accounts Payable $$60,000$

Accounts Receivable $58,000$

Accrued Liabilities $12,000$

Accumulated Depreciation$$buildings $88,000$

Accumulated Depreciation$$equipment $29,250$

Allowance for Expected Credit Losses $6,000$

Buildings $352,000$

Cash $$25,000$

Common Shares $250,000$

Cost of Goods Sold $285,600$

Equipment $117,000$

Income Tax Expense $2,250$

Interest Expense $3,400$

Interest Income $19,750$

Inventory $79,000$

Land $125,000$

Note payable $$ due in $4$ years $125,000$

Operating Expenses $137,000$

Preferred Shares $100,000$

Prepaid Expenses $7,000$

Restricted Cash $21,000$

Retained Earnings $124,250$

Sales $420,000$

Trading Investments $40,000$

Unearned Revenue $18,000$

Prepare the income statement and classified balance sheet assuming the company follows ASPE. Note: Use ASPE please.