Presented below is the trial balance of Marin Corporation at December 31, 2017.

MARIN CORPORATION TRIAL BALANCE DECEMBER 31, 2017
		Debits			Credits
Purchase Discounts					$13,670
Cash		$193,370
Accounts Receivable		108,670
Rent Revenue					21,670
Retained Earnings					163,670
Salaries and Wages Payable					21,670
Sales Revenue					1,103,670
Notes Receivable		113,670
Accounts Payable					52,670
Accumulated DepreciationEquipment					28,734
Sales Discounts		18,170
Sales Returns and Allowances		21,170
Notes Payable					73,670
Selling Expenses		235,670
Administrative Expenses		102,670
Common Stock					303,670
Income Tax Expense		57,570
Cash Dividends		48,670
Allowance for Doubtful Accounts					8,670
Supplies		17,670
Freight-in		23,670
Land		73,670
Equipment		143,670
Bonds Payable					120,552
Gain on Sale of Land					33,670
Accumulated DepreciationBuildings					20,334
Inventory		92,670
Buildings		101,670
Purchases		613,670
Totals		$1,966,320			$1,966,320

A physical count of inventory on December 31 resulted in an inventory amount of $67,670; thus, cost of goods sold for 2017 is $648,670.

Prepare a single-step income statement. 30,367 shares of common stock were outstanding the entire year.