These items are taken from the financial statements of Cleland Corp. for the year ended December 31, 2020. Buildings Accounts receivable $105,890 11,440 Prepaid insurance 4,780 Cash 10,870 Equipment 82,880 Land 61,740 Cost of goods sold 5,480 Income tax expense 210 Depreciation expense 5,410 Interest expense 2,370 Common shares 62,600 Retained earnings (January 1, 2020) 40,690 Accumulated depreciation, buildings 45,500 Accounts payable 8,330 Income taxes payable 1,060 Bank loan payable (due July 1, 2025) 92,910 Accumulated depreciation, equipment 18,890 Interest payable 3,510 Sales revenue 17,580 Prepare a single-step statement of income. CLELAND CORP. Statement of Income 69