The following list is a partial list of account balances for the RedBird Company as at December 31, 20x4: Accounts payable Accounts receivable Bank loan, due December 31, 20x8 Cash 11,500 27,860 60,000 36,980 50,000 151,200 8,640 Common stock Cost of goods sold Depreciation expense Dividends declared Interest expense Income tax expense Insurance expense Inventory Income taxes payable Office equipment Office supplies Office supplies expense Prepaid insurance Rent expense Salary expense Salaries payable Sales 4,000 6,480 7,380 4,140 80,540 2,450 43,200 6,500 15,800 1,440 38,340 32,400 2,680 283,680 Required - Prepare a statement of Income in good form