The following selected accounts from Highview Electronics Corporations general ledger are presented below for the year ended December 31, 2021:

Accounts receivable		$254,400
Accumulated depreciationequipment		733,920
Advertising expense		52,800
Common shares		240,000
Cost of goods sold		1,125,120
Depreciation expense		120,000
Dividends declared		144,000
Equipment		1,392,000
Freight out		24,000
Income tax expense		67,200
Insurance expense		22,080
Interest expense		59,520
Interest income		28,800
Inventory		93,120
Prepaid expenses		29,760
Rent income		23,040
Retained earnings		513,600
Salaries expense		676,800
Sales		2,485,920

(a) Prepare a single-step statement of income.