The following amounts appeared on Davison Company's adjusted trial balance as of October 31, 2020, the end of its fiscal year: Merchandise inventory Other assets Debit Credit $16,200 258,800 Liabilities $ 78,600 Brenda Davison, capital 205,360 Brenda Davison, withdrawals 65,200 Interest income 1,140 Sales 426,000 Sales discounts 6,700 Sales returns and allowances 28,200 Cost of goods sold 169,500 Sales salaries expense 52,200 Rent expense, selling space 19,200 Store supplies expense 5,200 Advertising expense 29,600 Office salaries expense 53,200 Rent expense, office space 5,400 Office supplies expense Totals 1,700 $711,100 $711,100 Operating expenses: Selling expenses: DAVISON COMPANY Income Statement For Year Ended October 31, 2020 Total selling expenses General and administrative expenses: 2. Present a condensed single-step income statement. Revenues: Total revenues Expenses: Total expenses DAVISON COMPANY Income Statement For Year Ended October 31, 2020