Sales revenue Sales discounts $3,420,500 25,500 Sales returns and allowances 55,000 Ch4 Ex(1): (Income Statement, Retained...

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Sales revenue Sales discounts $3,420,500 25,500 Sales returns and allowances 55,000 Ch4 Ex(1): (Income Statement, Retained Earnings) Presented below is information related to Intalio Corporation at December 31, 2018. Property tax expense (100% administrative) 7,320 6,000 Bad debt expense Cost of goods sold 750,000 (100% selling) Salaries and wages expense 60,000 Maintenance expense 9,000 (85% sales) (100% administration) Sales commissions 100,000 Office expenses 8,000 Travel expense 22,000 unrealized gain on non-trading $50,000 (90% salespersons) equity securities Delivery expense 18,000 Dividend revenue 40,000 Entertainment expenses 12,000 Interest expense 18,000 (75% administrative) Utilities expense 8,000 Telephone and Internet expense 10,000 (50% Sales) (100% sales) Loss on sale of old furniture 2,000 Depreciation expense (sales 5,000 Interest revenue 1,000 equipment) gain on the disposition of the 12,000 Maintenance and repairs expense 6,000 global division (net of tax) (90%sales) Loss on operation of the global 30,000 Miscellaneous selling 4,500 division (net of tax) expenses(80% sales) Dividends declared on preference 10,000 Supplies expense 3,450 shares (100% Administrative) Dividends declared on ordinary 50,000 Telephone and Internet expense 2,820 shares (100% administration) Retained earnings at January 1, 350,000 Depreciation expense (office 7,250 2018 furniture and equipment) Ordinary share outstanding 100,000 Requirements 1- Assuming income tax is 10%. Prepare the comprehensive income statement (one statement approach) for the year ended June 30, 2018. 2- Prepare the retained earnings statement assume depreciation expenses of 2017 was overstated by $20,000 due to error in calculation. Sales revenue Sales discounts $3,420,500 25,500 Sales returns and allowances 55,000 Ch4 Ex(1): (Income Statement, Retained Earnings) Presented below is information related to Intalio Corporation at December 31, 2018. Property tax expense (100% administrative) 7,320 6,000 Bad debt expense Cost of goods sold 750,000 (100% selling) Salaries and wages expense 60,000 Maintenance expense 9,000 (85% sales) (100% administration) Sales commissions 100,000 Office expenses 8,000 Travel expense 22,000 unrealized gain on non-trading $50,000 (90% salespersons) equity securities Delivery expense 18,000 Dividend revenue 40,000 Entertainment expenses 12,000 Interest expense 18,000 (75% administrative) Utilities expense 8,000 Telephone and Internet expense 10,000 (50% Sales) (100% sales) Loss on sale of old furniture 2,000 Depreciation expense (sales 5,000 Interest revenue 1,000 equipment) gain on the disposition of the 12,000 Maintenance and repairs expense 6,000 global division (net of tax) (90%sales) Loss on operation of the global 30,000 Miscellaneous selling 4,500 division (net of tax) expenses(80% sales) Dividends declared on preference 10,000 Supplies expense 3,450 shares (100% Administrative) Dividends declared on ordinary 50,000 Telephone and Internet expense 2,820 shares (100% administration) Retained earnings at January 1, 350,000 Depreciation expense (office 7,250 2018 furniture and equipment) Ordinary share outstanding 100,000 Requirements 1- Assuming income tax is 10%. Prepare the comprehensive income statement (one statement approach) for the year ended June 30, 2018. 2- Prepare the retained earnings statement assume depreciation expenses of 2017 was overstated by $20,000 due to error in calculation.