The accountant for the Times Corporation prepared the following list from the company's accounting records for the year ended 30 June 2020. Retained earnings ? Prepaid expenses $ 50 000 Cash $ 77 000 Contributed equity 400 000 Accounts payable 50 000 Accounts receivable 170 000 Sales revenue 955 000 Interest income 50 000 Cost of sales 700 000 Salary expense 140 000 Land 750 000 Income tax expense 20 000 Notes payable 450 000 Selling expense 45 000 Inventory 200 000 Salaries payable 40 000 Prepare an income statement for Times Corporation