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On January $1,2024,$ the general ledger of Big Blast Fireworks includes the following account balances:

Accounts Debit Credit

Cash $ $21,900$

Accounts Receivable $36,500$

Allowance for Uncollectible Accounts $ $3,100$

Inventory $30,000$

Land $61,600$

Accounts Payable $32,400$

Notes Payable $(8\%,$ due in $3$ years$)30,000$

Common Stock $56,000$

Retained Earnings $28,500$

Totals $ $150,000$ $ $150,000$

The $$30,000$ beginning balance of inventory consists of $300$ units, each costing $$100.$ During January $2024,$ Big Blast Fireworks had the following inventory transactions:

January $3$ Purchase $1,200$ units for $$126,000$ on account $($$$105$ each$).$

January $8$ Purchase $1,300$ units for $$143,000$ on account $($$$110$ each$).$

January $12$ Purchase $1,400$ units for $$161,000$ on account $($$$115$ each$).$

January $15$ Return $100$ of the units purchased on January $12$ because of defects.

January $19$ Sell $4,000$ units on account for $$600,000.$ The cost of the units sold is determined using a FIFO perpetual inventory system.

January $22$ Receive $$580,000$ from customers on accounts receivable.

January $24$ Pay $$410,000$ to inventory suppliers on accounts payable.

January $27$ Write off accounts receivable as uncollectible, $$2,500.$

January $31$ Pay cash for salaries during January, $$128,000.$

The following information is available on January $31,2024.$

At the end of January, the company estimates that the remaining units of inventory purchased on January $12$ are expected to sell in February for only $$100$ each. $[$Hint: Determine the number of units remaining from January $12$ after subtracting the units returned on January $15$ and the units assumed sold $($FIFO$)$ on January $19.]$

The company records an adjusting entry for $$3,000$ for estimated future uncollectible accounts.

The company accrues interest on notes payable for January. Interest is expected to be paid each December $31.$

The company accrues income taxes at the end of January of $$12,300.$

$4.$ Prepare a multiple$-$step income statement for the period ended January $31,2024.$