The adjusted trial balance for China Tea company at December 31, 2018, is presented below:

Debit Credit

Cash 12,500

Accounts receivable 170,000

Prepaid rent 7,000

Inventory 45,000

Equipment 500,000

Accumulated depreciation - equipment 145,000

Accounts payable 50,000

Notes payable - due in three months 50,000

Salaries payable 6,000

Interest payable 3,000

Common stock 300,000

Retained earnings 94,000

Sales revenue 600,000

Cost of good sold 280,000

Salaries expense 140,000

Rent expense 35,000

Depreciation expense 50,000

Interest expense 4,000

Advertising expense 4,500

Totals 1,248,000 1,248,000

Required:

Create income statement for China tea company for the year ended December 31, 2018.

(If the information above does not stay under Debit or Credit once submitted then the first group under Debit is from Cash to Equipment, under Credit is from Accumulated depreciation to Sales revenue, and the last Debit is from COGS to Advertising expense).