The adjusted trial balance of Flounder Wholesale Inc. contained the following accounts at December 31, the company's year end: FLOUNDER WHOLESALE INC. Adjusted Trial Balance December 31, 2024 \begin{tabular}{lrl} & Debit & Credit \\ Cash & $11,570 & \\ Accounts receivable & 18,490 & \\ Prepaid insurance & 2,270 & \\ Estimated inventory returns & 3,570 & \\ Inventory & 94,740 & \\ Supplies & 6,050 & \\ Land & 120,790 & \\ Buildings & 205,860 & \\ Accumulated depreciation-buildings & & \\ Equipment & 89,770 & \\ Accumulated depreciation-equipment & & 31,410 \\ Accounts payable & & 52,800 \\ Deferred revenue & & 9,050 \\ Refund liability & & 4,390 \end{tabular} \begin{tabular}{|c|c|c|} \hline Income tax payable & & 3,290 \\ \hline Bank loan payable & & 92,280 \\ \hline Common shares & & 47,540 \\ \hline Retained earnings & & 133,270 \\ \hline Sales & & 997,710 \\ \hline Cost of goods sold & 757,830 & \\ \hline Administrative expenses & 83,200 & \\ \hline Selling expenses & 39,560 & \\ \hline Interest expense & 11,630 & \\ \hline Interest income & & 2,260 \\ \hline Income tax expense & 16,140 & \\ \hline & $1,461,470 & $1,461,470 \\ \hline \end{tabular} Prepare a single-step statement of income. Total Expenses Net Sales