This is the last phase of your Accounting Cycle Project and is due on December 5, 2021. For this part, start with the Adjusted Trial Balance and (1) Complete the income statement, statement of retained earnings, and balance sheet

Here is the 2021 Adjusted Trial Balance

Adjusted Trial Balance
December 31, 2021
Account Title	Debit	Credit
Cash	863,400
Accounts Receivable	42,800
Allowance for Doubtful (Uncollectible) Accounts		2,140
Inventory	173,000
Supplies	675
Prepaid Rent	12,000
Equipment	285,000
Accumulated Depreciation - Equipment		37,250
Accounts Payable		104,800
Income Taxes Payable		136,584
Interest Payable		3,150
Salaries Payable		14,000
Utilities Payable		2,200
Notes Payable		90,000
Common Stock, $2 par value		150,000
Additional Paid In Capital - Common		215,000
Preferred Stock, $25 par value		175,000
Retained Earnings		59,000
Dividends	10,000
Sales Revenue		950,000
Sales Discounts	17,000
Sales Returns and Allowances	12,000
Gains		5,000
Cost of Goods Sold	237,000
Bad Debt Expense	2,940
Depreciation Expense	25,250
Interest Expense	5,550
Maintenance and Repair Expense	2,400
Rent Expense	21,000
Salary Expense	87,400
Supplies Expense	6,725
Tax Expense	132,584
Utilities Expense	7,400
	1,944,124	1,944,124