Prepare annual Balance Sheet, Income Statement, and Statement of Retained Earnings for data below:

Sales$1,200,000

Purchases.810,000

Marketable securities...15,000

Purchase discounts.20,000

Purchase returns and allowances..2,000

Extraordinary loss due to earthquake, net of

Applicable taxes...35,000

Selling expenses..114,000

Cash90,000

Accounts receivable...60,000

Common stock.150,000

Accumulated depreciation.42,000

Paid-in-capital in excess of par30,000

Inventory, January 1, 2022..149,000

Inventory, December 31, 2022..........................120,000

Accounts payable..71,000

Salaries Payable.5,000

Cash surrender value of life insurance22,000

Patents..18,000

Retained earnings, January 1, 202360,600

Interest expense...13,000

General and administrative expense.160,000

Dividend revenue.6,000

Allowance for doubtful accounts..3,000

Notes Payable (Maturity date 7/1/2025)..105,000

Machinery and Equipment..150,000

Income tax expense.30,600

Treasury stock..10,000

Dividends declared and paid..18,000