The following account balances were included in the trial balance of Skysong Corporation at June 30, 2017.

Problem 4-4 (Part Level Submission)

The following account balances were included in the trial balance of Skysong Corporation at June 30, 2017.

Sales revenue		$1,592,490		Depreciation expense (office furniture and equipment)		$6,961
Sales discounts		31,930		Property tax expense		6,944
Cost of goods sold		906,000		Bad debt expense (selling)		5,026
Salaries and wages expense (sales)		56,950		Maintenance and repairs expense (administration)		9,745
Sales commissions		98,360		Office expense		5,770
Travel expense (salespersons)		35,500		Sales returns and allowances		61,334
Delivery expense		22,000		Dividends received		36,840
Entertainment expense		14,940		Interest expense		18,260
Telephone and Internet expense (sales)		9,050		Income tax expense		100,580
Depreciation expense (sales equipment)		4,655		Depreciation understatement due to error2014 (net of tax)		18,460
Maintenance and repairs expense (sales)		6,413		Dividends declared on preferred stock		8,330
Miscellaneous selling expenses		4,661		Dividends declared on common stock		34,440
Office supplies used		3,150
Telephone and Internet expense (administration)		3,073

The Retained Earnings account had a balance of $325,990 at July 1, 2016. There are 76,170 shares of common stock outstanding.

Using the multiple-step form, prepare an income statement for the year ended June 30, 2017.