*Problem 4-05 (Part Level Submission) The trial balance follows for Bridgeport Corporation at December 31, 2020: BRIDGEPORT CORPORATION Trial Balance December 31, 2020 Debit Credit Purchase discounts $15,500 Cash $294,035 Accounts receivable 162,750 Rent revenue 27,900 Retained earnings 248,000 Salaries and wages payable 27,900 Sales revenue 1,705,000 Notes receivable 170,500 Accounts payable 75,950 Accumulated depreciation-equipment 43,400 Sales discounts 22,475 Sales returns and allowances 27,125 Notes payable 108,500 Selling expenses 359,600 Administrative expenses 153,450 Common shares 465,000 Income tax expense 83,545 Dividends 69,750 Allowance for doubtful accounts 7,750 Supplies 21,700 Freight in 31,000 Land 108,500 Equipment 217,000 Bonds payable 155,000 Gain on disposal of land 46,500 Accumulated depreciation-buildings 30,380 Inventory 137,950 Buildings 151,900 Purchases 945,500 Totals $2,956,780 $2,956,780 A physical count of inventory on December 31 showed that there was $99,200 of inventory on hand. Bridgeport is a private company that prepares financial statements in accordance with ASPE. *(a1) *(a1) Your answer is partially correct. Try again. Prepare a condensed single-step income statement. BRIDGEPORT CORPORATION Income Statement For the Year Ended December 31, 2020 Revenues Sales Revenue 1705000 Rent Revenue 727900 Total Revenues 1732900 TExpenses TSelling Expenses 1359600 Administrative Expenses (153450 Total Expenses 513050 TIncome before Income Tax 1219850 Tincome Tax Expense 183545 TNet income / (Loss) 36305