The following account balances are taken from Sherwood Ltd's adjusted trial balance at June 30, 2020: Debit Credit Sales revenue $ 1,246,000 Advertising expense $ 124,000 Cost of goods sold 595,000 General and administrative expenses 41,000 Selling expenses 75,000 Depreciation expense 71,000 Interest expense 36,000 Interest revenue 44.000 Income tax expense 11,000 Wages expense 168,000 Utilities expense 108,000 Prepare a single-step statement of income for the year ended June 30, 2020. Sherwood Ltd. Statement of Income For the Year Ended June 30, 2020 Revenues Sales Revenue $ 1246000 Interest Revenue 44000 Total Revenues 1290000 Expenses Cost of Goods Sold 595000 i Advertising Expense 124000 i General and Administrative Expenses 41000 i Selling Expenses 75000 i Depreciation Expense 71000 i Interest Expense 36000 i Wages Expense 168000 i Utilities Expense 108000 i Income Tax Expense 11000 i Total Expenses 1229000 1 Net Income /(Loss) $ 61000 Prepare a multi-step statement of income for the year ended June 30, 2020. Sherwood Ltd. Statement of Income For the Year Ended June 30, 2020 V Sales Revenue 1246000 Cost of Goods Sold 595000 i Gross Profit 1841000 Operating Expenses Advertising Expense 124000 i General and Administrative Expenses 41000 i Selling Expenses 75000 i Depreciation Expense 71000 i Wages Expense 168000 i Utilities Expense 108000 i Total Operating Expenses 587000 i Net Income 1254000 Interest Revenue 44000 Income Tax Expense Profit Before Income Tax 1298000 Income Tax Expense 11000 Net Income 1287000