The Income Statement and the Statement of Cash Flows LO 5.4 LO 5.5 The following items were derived from Woodbine Circle Corporation's adjusted trial balance on December 31, 2019: Cash Accounts receivable, net Inventory Property, plant, and equipment Accumulated depreciation Accounts payable Income taxes payable Notes payable Common stock ($1 par value) Additional paid-in capital Retained earnings, January 1, 2019 Sales-regular Sales-AL Division Cost of sales-regular Cost of sales-AL Division Administrative expenses-regular Administrative expenses-AL Division Interest expense-regular Interest expense-AL Division Loss on sale of AL Division Gain on sale of land Income tax expense C Debit Credit $ 500,000 1,500,000 2,500,000 15,100,000 AA AICPA Adapted $ 4,900,000 2,200,000 200,000 1,000,000 1,000,000 5,800,000 3,000,000 10,100,000 2,000,000 . 6,200,000 900,000 2,000,000 300,000 210,000 140,000 250,000 300,000 900,000 $30,500,000 $30,500,000 2