The following adjusted balances were taken from the ledger of EBC Trading on December 31, 2016, Cash 350,000. Accounts Receivble 33,950. Interest Receivable 1,500. Merchandise, January 1 , 50,000, Supplies 2,650. prepaid rent 40,000. equipment 75,000. Accumulated depreciation 25,000. Accounts payable 15,000. Notes Payable 10,000. interest payable 1,000. E. Capital 50,000. E Drawing 10,000. B Capital 75,000. B Drawing 15,000. C Capital 100,000. Sales 980,650. Sales Discount 5,500. Sales returns 3,500. Purchases455,000. Purchase returns 7,500.Purchase discount 3,300. Sales Salary Expenses 97,000. Supplies Expense 16,600.Rent expense 80,000. Utilities expense 24,000. Insurance expense 8,250.interest expense 1,000. interest income 1,500. Total 1,268,950. Prepare the Income Statement in good form. For the year ended December 31, 2016