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

	Debit			Credit
Cash		10,600
Accounts receivable		151,000
Prepaid rent		5,100
Inventory		26,000
Equipment		310,000
Accumulated depreciation - equipment					126,000
Accounts payable					31,000
Notes payable - due in three months					31,000
Salaries payable					4,100
Interest payable					1,100
Common stock					205,000
Retained earnings					52,200
Sales revenue					410,000
Costs of goods sold		185,000
Salaries expense		121,000
Rent expense		16,000
Depreciation expense		31,000
Interest expense		2,100
Advertising expense		2,600
Totals		860,400			860,400

Required: Prepare an income statement for China Tea Company for the year ended December 31, 2018.

CHINA TEA COMPANY
Income Statement
For the Year Ended December 31, 2018
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