Thefollowing items were taken from the November 30, 2019 financial statements of Penny Blossoms Inc.

Office Supplies

$17,000

Advertising expense

$50,900

Depreciation Expense

24,500

Equipment

426,700

Net Sales

2,646,000

Salaries Payable

3,600

Cash

37,700

Accounts Payable

48,600

Miscellaneous Expense

72,800

Note Payable (due January 1, 2027)

54,000

Cost of goods sold

1,926,000

Salaries Expense

451,800

Merchandise Inventory

180,000

Common share capital

50,000

Accounts Receivable

111,600

Accumulated Depreciation - Equipment

137,000

The beginning retained earnings balance was $404,800.Dividends of $45,000 were paid during the year.

Required:a) Prepare amulti-stepincome statement for the year ending November 30, 2019 for Penny Blossoms.

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