Requirement:

prepare an income statement for 2020

I dont want an advice answrr! Ive got wrong answer for the first question I post.

this time make it correct!

Cash & Equivalents FV-NI Investments Accounts Receivable - Trade Accounts Receivable - Projects Allowance for Doubtful Accounts (Trade) Inventory Prepaid Insurance FV-OCI Investments 3 Contract Asset/Liability Land 5 Building 6 Building - Accumulated Depreciation 7 Equipment 8 Equipment - Accumulated Depreciation 9 Intangible Assets (net) O Goodwill 1 Accounts Payable 2 Deferred Tax Liability 3 HST Payable 4 Interest Payable 25 Dividends Payable Trial Balance At December 31, 2020 Debit Credit 1,664,544 801,300 4,375,772 1,510,000 126,508 1,013,800 480,000 212,000 121,880 640,000 6,300,000 137,000 785,080 91,592 323,500 1,350,000 956,000 204,000 196,000 Trial Balance At December 31, 2020 Debit Credit 500,000 8,000,000 4,000,000 3,376,862 Dividends Payable Wages Payable Notes Payable Bank Loan Common Stock Retained Earnings Revenue from Long-term Contract Revenue from Long-term Contract - Project #1 Sales Revenue - Equipment Dividend Income 5 Interest Income 5 Gain on sale of truck 7 Investment Income or Loss B Unrealized Gain or Loss - OCI 9 Cost of Goods Sold Construction Expenses 1 Construction Expenses - Project #1 2 Equipment Rental (other expenses) 3 Equipment Repairs (other expenses) 4 Wages 15 Payroll Tax Expense 13,724,150 65,000 8,826,400 994,188 204,868 1,417,760 177.220 Equipment Rental (other expenses) Equipment Repairs (other expenses) Wages Payroll Tax Expense Interest Expense Utilities Insurance Expense Bad Debt Expense Commission Expense Advertising Expense Amortization Expense Depreciation Expense Trial Balance At December 31, 2020 Debit Credit 994,188 204,868 1,417,760 177,220 20,000 126,000 32,800 5 TOTALS 5 $ 31,377,112 $ 31,377,112 4. Prepare: 1. Classified Statement of Financial Position 2. Multi-step income statement