[The following information applies to the questions displayed below.] Valley Company's adjusted account balances from its general ledger on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Adjusted Account Balances Merchandise inventory (ending) K. Valley, Capital Debit $ 31,000 Credit Other (non-inventory) assets Total liabilities 124,000 $ 35,805 104,641 K. Valley, Withdrawals 8,000 Sales 212,040 Sales discounts 3,244 Sales returns and allowances 13,995 Cost of goods sold 82,768 Sales salaries expense 29,049 Rent expense-Selling space 9,966 Store supplies expense 2,544 Advertising expense 18,023 Office salaries expense 26,505 2,544 Rent expense-Office space Office supplies expense Totals 848 $ 352,086 $ 352,486 Beginning merchandise inventory was $25,017. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases. Purchases discounts received Purchases returns and allowances Costs of transportation-in $ 91,140 1,914 4,375 3,900 Required information Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31 Net sales Expenses General and administrative expenses $ 29,897 Selling expenses 59,582 Cost of goods sold 82,768 Total expenses Net income 172,247 < Required 3 Required 4 >