Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Credit $ 39,270 45,768 67,851 232,560 Debit Merchandise inventory (ending) $ 34,000 Other (noninventory) assets 136,000 Total liabilities Common stock Retained earnings Dividends 8,000 Sales Sales discounts 3,558 Sales returns and allowances 15,349 Cost of goods sold 90,401 Sales salaries expense 31,861 Rent expense-Selling space 10,930 Store supplies expense 2,791 Advertising expense Office salaries expense Rent expense-Office space 2,791 Office supplies expense 930 Totals $385,449 19,768 29,070 $385,449 Beginning merchandise inventory was $27,438. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $99,960 2,099 4,798 3,900 Income Statement For Year Ended August 31 0 0 0 Expenses Selling expenses 0 Total selling expenses General and administrative expenses Total general and administrative expenses 0 Total expenses 0 Required 1 Required 2 Required 3 Required 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 Expenses Total expenses 0 Required 3 Required 4 )