Prepare a condensed single$-$step income statement.The trial balance follows for Riverbed Corporation at December $31,2023$Question $11$ of $11$

Riverbed Corporation

Trial Balance

December $31,2023$

Debit

Credit

Purchase discounts

$$18,000$

Cash

$$341,460$

Accounts receivable

$189,000$

Rent revenue

$32,400$

Retained earnings

$288,000$

Salaries and wages payable

$32,400$

Sales revenue

$1,980,000$

Notes receivable

$198,000$

Accounts payable

$88,200$

Accumulated depreciation$$equipment

$50,400$

Sales discounts

$26,100$

Sales returns and allowances

$31,500$

Notes payable

$126,000$

Selling expenses

$417,600$

Administrative expenses

$178,200$

Common shares

$540,000$

Income tax expense

$97,020$

Dividends

$81,000$

Allowance for doubtful accounts

$9,000$

Supplies

$25,200$

Freight in

$36,000$

Land

$126,000$

Equipment

$252,000$

Bonds payable

$180,000$

Gain on disposal of land

$54,000$

Accumulated depreciation$$buildings

$35,280$

Inventory

$160,200$

Buildings

$176,400$

Purchases

$1,098,000$

Totals

$$3,433,680$ $$3,433,680$

A physical count of inventory on December $31$ showed that there was $$115,200$ of inventory on hand. Riverbed is a private company that prepares financial statements in accordance with ASPE.