Use the below information to prepare a Manufacturing Statement & Income Statement for Happiness Toy Company for the year ended December 31, 2020:

Materials, January 1	305,600	Indirect Materials	48,160
Depreciation Expense, Corporate Building	95,850	Work in Process, January1	280,900
Sales Revenue	8,500,000	Supervisory's Salary	196,000
Accounts Receivable	75,000	Materials, December 31	275,000
Property Taxes - Factory	95,200	Amorization Expense - Factory Patents	15,500
Direct Labor	650,000	Heat, Light & Power - Factory	5,000
Depreciation Expense - Factory Equipment	21,000	Materials Purchases	490,000
Factory Equipment	105,000	Factory Machinery	800,000
Office Salaries Expense	1,250,000	Office Supplies Expense	11,200
Work in Process, December 31	500,770	Finished Goods Inventory, January 1	5,250,000
Utilities - Office Building	125,000	Maintenance & Repairs - Factory	64,110
Finished Goods Inventory, December 31	3,895,000	Depreciation Expense, Factory Building	575,000
Advertising Expense	321,000	Property Taxes, Office Building	289,000
Supplies Used - Factory	26,800	Insurance Expense - Factory	30,500
Factory Building	2,500,000	Sales Commissions	88,000
Indirect Labor	172,000	Factory Patents	310,000

Please note that Factory Patents are an asset. Amortization Expense-Factory Patents should be included on the Manufacturing Statement with Factory Overhead items. Amortization is similar to depreciation expense.