The adjusted trial balance of Terris Inc. for the year ended September 30, 2019 is as shown below. It is prior to recording of income tax expense. All accounts are their normal balance (debit or credit). Terris has an income tax rate of 30%. Accounts payable ........ $ 80,000 Accounts receivable ....mmmmmmmmmmmmmmmmmmmmm! 40,000 50,000 Cash dividends declared ...mmmmmmmmmmmmmmmmmmmmmmmmmmmmmm 7,000 Common shares ............. 30,000 Cost of goods sold . 175,000 Dividends payable ...1515 4,000 Interest expense ....mmmmmmmmmmmmmmmmmmmmmmmmmmm 4,500 Inventory ....... 120,000 Operating expenses.... 92,300 Preferred shares .....mmmmmmmmmmmmmmmmmmmmm 25,000 Retained earnings, beginning balance .....mmmmmmmmmmmmmmmmmmmmm!!) 11,900 Sales revenue .......... 320,000 Taxes payable ......... 100 Instructions: Prepare the income statement and statement of retained earnings for Terris Inc. for the year ended September 30, 2019