The following account balances are taken from Sherwood Ltd.s adjusted trial balance at June 30, 2020:

		Debit			Credit
Sales revenue					$1,254,000
Advertising expense		$123,000
Cost of goods sold		594,000
General and administrative expenses		39,000
Selling expenses		75,000
Depreciation expense		70,000
Interest expense		39,000
Interest revenue					43,000
Income tax expense		12,000
Wages expense		166,000
Utilities expense		107,000

Prepare a single-step statement of income for the year ended June 30, 2020.

.

.

.

Prepare a multi-step statement of income for the year ended June 30, 2020.