The trial balance of Peoples Choice Wholesale Company contained the following accounts shown at December 31, the end of the companys fiscal year.

PEOPLES CHOICE WHOLESALE COMPANY Trial Balance December 31, 2017
		Debit		Credit
Cash		$ 47,100
Accounts Receivable		56,400
Inventory		105,000
Land		138,000
Buildings		300,000
Accumulated DepreciationBuildings				$ 90,000
Equipment		125,250
Accumulated DepreciationEquipment				60,750
Notes Payable				82,050
Accounts Payable				26,250
Common Stock				240,000
Retained Earnings				100,800
Dividends		15,000
Sales Revenue				1,383,150
Sales Discounts		9,000
Cost of Goods Sold		1,064,850
Salaries and Wages Expense		76,950
Utilities Expense		17,100
Maintenance and Repairs Expense		13,350
Advertising Expense		7,800
Insurance Expense		7,200
		$1,983,000		$1,983,000

Adjustment data:

1.		Depreciation is $12,000 on buildings and $10,500 on equipment. (Both are operating expenses.)
2.		Interest of $6,750 is due and unpaid on notes payable at December 31.
3.		Income tax due and unpaid at December 31 is $36,000.

Other data: $22,500 of the notes payable are payable next year.

Prepare a multiple-step income statement for the year ended December 31, 2017.

PEOPLE'S CHOICE WHOLESALE COMPANY Income Statement