using the following trial balance of Henry Hawkins industries

Problem 1(35 points) Using the following trial balance for Henry Hawkins Industries, prepare an income statement the year ended December 31, 2018, a statement of retained earnings for the year en December 31, 2018, and a balance sheet as of December 31, 2018. I have provided you templates for the statements. Don't write in the shaded boxes. ded with the Henry Hawkins Industries Trial Balance December 31, 2018 Credit Debit 155,000 450,000 770,000 500,000 1,400,000 Cash Accounts receivable (net) Inventories Land Equipment Accumulated depreciation-Equipment Accounts payable Wages payable Unearned revenue Common stock, $4 par value Paid-in capital in excess of par Retained earnings, January 1, 2018 Dividends Sales Cost of goods sold Depreciation expense Rent expense Wages expense Miscellaneous expense Gain on sale of investments Income tax expense 600,000 340,000 45,000 30,000 700,000 200,000 950,000 90,000 3,000,000 1,400,000 100,000 240,000 650,000 60,000 75,000 125,000 Totals 5,940,000 5,940,000 Note: Do not write in the shaded boxes. Henry Hawkins Industries Income Statement For The Year Ended December 31, 2018 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense Rent expense Wages expense Miscellaneous expense Total operating expenses Operating income Gain on sale of investments Income before income tax Income tax expense Net income Henry Hawkins Industries Statement of Retained Earnings For The Year Ended December 31,2018 Retained earnings, January 1, 2018 Plus: Net income Less: Dividends Retained earnings, December 31, 2018 Note:Do not write in the shaded boxes. Henry Hawkins Industries Balance Sheet December 31,2018 Assets Cash Accounts receivable (net) Inventories Land Equipment Accumulated depreciation-Equipment Total Assets Liabilities and Stockholders' Equity Liabilities Accounts payable Wages payable Unearned revenue Total Liabilities Stockholders' Equity: Common stock, $4 par Paid-in capital in excess of par Retained earnings Total Stockholders' equity Total Liabilities and Stockholders' Equity