The following information is taken from the 2020 annual report of Grouper, Inc. Grouper's fiscal year ends December 31 of each year. Grouper's December 31, 2020, balance sheet is as follows. Grouper, Inc. Balance Sheet December 31, 2020 Assets Cash $400 Inventory 1.970 Total current assets 2,370 Plant and equipment 2.200 Accumulated depreciation (176) Total assets 4,394 Liabilities Bonds payable (net of discount) $1,426 Stockholders' equity Common stock 1,500 Retained earnings 1,468 Total liabilities and stockholders' equity $4,394 Note X: Long Term Debt: On January 1, 2019, Grouper issued bonds with face value of $1,500 and a coupon rate equal to 10%. The bonds were issued to yield 12% and mature on January 1, 2024. Additional information concerning 2021 is as follows 1. Sales were $3,300, all for cash. Purchases were $1,800, all paid in cash Salaries were $770, all paid in cash. Property, plant, and equipment was originally purchased for $2,200 and is depreciated straight-line over a 25-year life with no salvage value Ending inventory was $1,800 Cash dividends of $100 were declared and paid by Grouper. Ignore taxes The market rate of interest on bonds of similar risk was 12% during all of 2021. Interest on the bonds is paid semiannually each June 30 and December 31. 2. 3. 5. 6. 7. 8. 9. (a 1) Prepare an income statement for the year ending December 31, 2021. Assume semiannual compounding of the bond interest. GROUPER, INC. Income Statement