Valley Company's adjusted trial balance on August 31, 2015, its fiscal year-end, follows. Credit Debit $ 35,000 140,000 $ 40,425 116,611 8,000 239,400 Merchandise inventory Other (noninventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense Office salaries expense Rent expense-Office space Office supplies expense 3,663 15,800 92,945 32,798 11,252 2,873 20,349 29,925 2,873 958 Totals $396,436 $396,436 On August 31, 2014, merchandise inventory was $28,245. Supplementary records of merchandising activities for the year ended August 31, 2015, reveal the following itemized costs. Invoice cost of merchandise purchases $ 102,900 Purchase discounts received 2,161 Purchase returns and allowances 4,939 Costs of transportation-in 3,900 4. Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31, 2015 Expenses Total expenses