The trial balance follows for Sheffield Corporation at December 31, 2023: Prepare a condensed single-step income statement. Allowance for doubtful accounts \begin{tabular}{|c|c|c|} \hline Supplies & 24,500 & \\ \hline Freight in & 35,000 & \\ \hline Land & 122,500 & \\ \hline Equipment & 245,000 & \\ \hline Bonds payable & & 175,000 \\ \hline Gain on disposal of land & & 52,500 \\ \hline Accumulated depreciation-buildings & & 34,300 \\ \hline Inventory & 155,750 & \\ \hline Buildings & 171,500 & \\ \hline Purchases & 1,067,500 & \\ \hline Totals & $3,338,300 & $3,338,300 \\ \hline \end{tabular} 8,750 24,50035,000122,500245,000