The adjusted trial balance for the year of Smith Corporation at July 31, 2018, follows. EIB (Click the icon to view the adjusted trial balance.) Read the requirements Requirement 1. Prepare Smith Corporation's 2018 single-step income statement, statement of retained earnings, and balance sheet Begin by preparing Smith's 2018 Income statement. Smith Corporation Income Statement Year Ended July 31, 2018 Income before tax Data table Smith Corporation Adjusted Trial Balance July 31, 2018 Account Debit Credit Cash $ 16,000 Accounts receivable 18,700 2,400 1,000 37,400 $ 4,400 8,900 Supplies Prepaid rent Equipment Accumulated depreciation equipment Accounts payable Interest payable Unearned service revenue Income tax payable Note payable Common stock Retained earnings 900 300 2,600 18,400 13,000 5,000 Dividends 10.000 Dividends 10,000 101,800 1,300 Service revenue Depreciation expense-equipment Salary expense Rent expense 40,700 11,200 Interest expense 3,200 3,700 Insurance expense Supplies expense 2,300 7,400 Income tax expense $ Total 155,300 $ 155,300