The following account balances, in alphabetical order, are before closing the books for the year ended December 31. From this account information, prepare a detailed income statement, statement of retained earnings, and balance sheet.

Accounts payable	554,688
Accounts receivable	1,175,900
Accrued salaries and benefits	668,090
Accumulated depreciation	6,789,970
Additional paid-in capital	7,478,800
Allowance for doubtful accounts	144,590
Bonds payable	6,000,000
Cash	125,500
Common stock	5,000,000
Compensation expense	1,129,960
Contingent liabilities - current	100,000
Cost of goods sold	4,118,440
Current portion of long-term debt	57,500
Deferred income tax liability	845,000
Depreciation & amortization expense	163,224
Discount on bonds payable	350,000
Dividends declared	1,200,000
Finished goods inventory	5,890,679
Income tax expense	1,044,173
Income taxes payable	120,000
Interest expense	450,000
Land	3,590,670
Litigation loss	50,000
Long term investments	250,980
Marketable securities	84,588
Notes payable - long term	1,000,000
Notes payable - short term	350,000
Other comprehensive income	570,500
Other current assets	194,999
Other noncurrent assets	145,632
Patents	36,700
Pension liability	264,800
Plant & equipment	20,594,890
Preferred stock	100,000
Prepaid expenses	98,997
Raw materials inventory	490,003
Research & development expense	396,570
Retained earnings, January 1	2,855,371
Sales revenue	10,209,800
Treasury stock	570,050
Unearned revenue	47,320
Utilities expense	946,030
Work in process inventory	58,444