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QUESTION 4 . The following PARTIAL trial balance for the Garcia Gomez Corporation is provided below: Selected Trial Balance Amounts at December 3 1 ,

QUESTION 4. The following PARTIAL trial balance for the Garcia Gomez Corporation is provided below: Selected Trial Balance Amounts at December 31,2023 Accounts Debit Credit Net sales, excluding Restaurant Division $10,750,000 Net sales, Restaurant Division 2,200,000 Cost of sales, excluding Restaurant Division $5,920,000 Cost of sales, Restaurant Division 1,650,000 SG&A Expenses, excluding Restaurant Division 2,600,000 SG&A expenses, Restaurant Division 660,000 Interest revenue 65,000 Gain on litigation settlement 200,000 Gain on disposal of Restaurant Division 150,000 Other data for the year ended December 31,2023: 1. Tax rate on types of income, 21%, and has been since 2017.2. The gain from litigation settlement is taxable and is considered to be unusual and infrequent. 3. The Restaurant Division was sold on October 31 for $2,950,000 when the carrying value of the division was $2,800,000. Remaining divisions are in consumer-packaged goods and pet food. 4. Garcia Gomez neglected to take depreciation of $200,000 in 2022.5. Retained earnings reported on the 2022 balance sheet was $12,250,000.6. The weighted-average shares of common stock outstanding for 2023, with a $10 par: 215,000 shares. Prepare the income statement and statement of retained earnings IN GOOD FORM for the year ending December 31,2023. Show your work when you need to compute a number to enter onto a statement. (Excel would make this easier to amend if you forget something...)

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