Question# $1$: Multiple step income statement $($Total $3$

marks$)$

The following is the adjusted trial balance for the XYZ Corporation on December $31,2023$

$\backslash$table$[[,$Debit,Credit$],[$Cash$,20,000,],[$Notes receivable,$11,000,],[$Inventory$,30,000,],[$Property$,$ plant and equipment,$294,300,],[$Accumulated depreciation,,$32,000],[$Notes payable,,$7,000],[$Common stock $($$$1$ par value$),,107,000],[$Additional paid$-$in capital,,$60,000],[$Retained earnings, Jan.................................................,,$40,000],[$Sales$,,280,000],[$Freight$-$out,$13,000,],[,7,500,],[,2,500,],[$Sales returns and allowances,$12,000,],[$Sales discounts,$30,000,],[$Cost of goods sold,$70,000,],[$Officer$\text{'}$s salaries,$30,000,],[$Interest expense,$1,200,],[$Loss on foreign currency fluctuation $($net of tax$),6,000,],[$Interest revenue,,$13,500],[\backslash$table$[[$Loss due to expropriation of land by the state $($net of$],[tax$