Presented below is the Trial Balance for Gracie Corporation at December 31, 2019.Also included are three statements from Gracie's 2018 financial reporting, the Statement of Financial Position, the Statement of Shareholder's Equity, and the Statement of Cash Flow.

You are required to prepare the following statements for Gracie for 2019:

• Income Statement
• Statement of Shareholder's Equity
• Statement of Financial Position
• Statement of Cash Flow

Gracie Corporation

ADJUSTED TRIAL BALANCE

December 31, 2019

DebitCredit

Cash 1025,000

Marketable Securities 450,000

Accounts Receivable 1,375,000

Allowance for Doubtful accounts accounts 20,625

Inventories 725,000

Prepaid Insurance 12,500

Long term Investments in Bonds 1,550,000

Land 1,100,000

Buildings 2,300,000

Accumulated Depreciation - Buildings 1,265,000

Equipment 625,000

Accumulated Depreciation Equipment 250,000

Accounts Payable 923,000

Wages Payable 143,525

Interest Payable 25,000

Income Taxes Payable 37,500

Bonds Payable 750,000

Common Shares1,600,850

Retained Earnings 2,990,200

Accumulated Other Comprehensive Income 822,000

Sales Revenue 5,673,000

Cost of Goods Sold3,350,000

Salaries Expense1,650,000

Utilities Expense75,000

Repair Expense25,000 Insurance Expense 65,000

Supplies Expense17,500

Depreciation ExpenseBuilding57,500

Depreciation ExpenseEquipment31,250

Bad Debt Expense15,750

Interest Expense30,000

Income Tax Expense71,200

OCI - Holding Gain on Long term Investments 50,000

$14,550,700 $14,550,700

Other information:

All adjusting entries have been made.No values need to be changed prior to preparing the statements

For 2019, the Weighted Average Number of Shares Outstanding was 125,000.There were no Preferred Shares.

There were no disposals of Property Plant and Equipment in 2019.Gracie spent $25,000 on new equipment during the year.

No dividends were issued.