Presented below is information for Blue Ribbon Company for the month of December 2020. Cost of goods sold 270,000 Supplies expense 10,000 Freight-out 20,000 Sales discounts 5,000 Depreciation expense 10,000 Sales returns and allowances 9,000 Rent expense 50,000 Sales revenue 510,000 Instructions: Prepare an income statement for the month ended December 31, 2020