The adjusted trial balance of Palm Realtors Ltd. at December 31, 2019, appears below: Palm Realtors Ltd. Adjusted Trial Balance December 31, 2019 Cash $ 8,950 Accounts receivable 53,530 Prepaid rent 2,200 Equipment 45,690 Accumulated amortization $ 18,930 Accounts payable 15,900 Interest payable 900 Salary payable 3,500 Income tax payable 4,700 Note payable (due 2025) 19,500 Common shares 8,000 Retained earnings 29,325 Dividends 30,000 Commissions 227,480 Depreciation expense 6,260 Salary expense 140,500 Rent expense 26,400 Interest expense 1,500 Income tax expense 13,205 Total $328,235 $328,235

Required: 1. Prepare in good form a single step statement of earnings (income statement) of Palm Realtors Ltd. for the year ended December 31, 2019.