(Suggested time - 15 minutes, 10 marks) The adjusted trial balance and some additional information for Southern Electronics Limited appears below. SOUTHERN ELECTRONICS Adjusted Trial Balance December 31, 2019 Debit Credit Cash $ 22,000 Accounts receivable ............ 9,500 Merchandise inventory 40,000 Equipment 18,000 Accumulated depreciation equipment 4,800 Accounts payable 14,200 Common shares........ 8,100 ost of goods sold.......... 471,500 etained earnings 23,000 vidends 1,600 les revenue 725,000 es Discounts 8,500 aries and Benefits expense 180,000 ice supplies expense 14,500 *** CAGO 1100729 Cost of goods sold 471,500 Retained earnings 23,000 Dividends 1,600 Sales revenue 725,000 Sales Discounts .8,500 Salaries and Benefits expense 180,000 Office supplies expense 14,500 Depreciation expense 3,000 Income Tax expense 6,500 $775,100 $775.100 Additional Information: Southern uses a perpetual inventory system. There were no Common Share transactions during the year. Retained earnings December 31, 2018 were $23,000. Prepare a multi-step income statement, in good form, for the year ended December 31, 2019 Cost of goods sold 471,500 Retained earnings 23,000 Dividends 1,600 Sales revenue 725,000 Sales Discounts .8,500 Salaries and Benefits expense 180,000 Office supplies expense 14,500 Depreciation expense 3,000 Income Tax expense 6,500 $775,100 $775.100 Additional Information: Southern uses a perpetual inventory system. There were no Common Share transactions during the year. Retained earnings December 31, 2018 were $23,000. Prepare a multi-step income statement, in good form, for the year ended December 31, 2019