The following items are taken from the financial statements of Cooper Ltd. for the year ended December 31, 2015:

Accounts payable $19,500

Accounts receivable 4,000

Accumulated depreciation equipment 4,800

Bonds payable 18,000

Cash 22,000

Common shares (1,500 shares issued) 25,000

Cost of goods sold 12,000

Depreciation expense 4,800

Dividends 300

Equipment 48,000

Goodwill 7,500

Income tax expense 1,000

Interest expense 3,500

Market price per common share $4.50

Retained earnings, beginning 16,000

Salaries expense 8,200

Sales revenue 32,500

Supplies 4,500

Instructions

Prepare an Income Statement and a classified Balance Sheet for 2015.