VOLS Inc. began its business operations on December 1, 2020. VOLS sells customized (with team's names on the seat) stadium seats and bleachers to various college and professional teams. During 2020, the following transactions occurred. You must prepare an (Income statement). If you don't prepare an Income Statement I will definitely dislike the answer. Transactions occurring during 2020 at VOLS Inc.:

1 Dec.1: VOLS issues 40,000 shares of common stock ($1 par) at $10/share.

2 Dec.1: VOLS purchases a building for $60,000 by issuing a 1 year, 8% note payable. The building has a useful life of 20 years and no salvage value.

3 Dec. 4: VOLS purchases inventory of $250,000 (1,000 stadium seats at $250) from a supplier on account, terms 2/10, n/30.

4 Dec. 5: VOLS purchases painting supplies of $3,000 with cash.

5 Dec. 10: VOLS sells 600 stadium seats on account to various universities at $575/seat. The cost of the seats to VOLS were $250/seat.

6 Dec. 11: VOLS receives a payment from UTK for 300 seats that UTK purchased from VOLS on Dec. 10.

7 Dec. 12: VOLS pays for the Dec 4 purchase of inventory.

8 Dec. 15: VOLS pays $20,000 wages to its employees for work done Dec. 1-15 (previously unrecorded).

9 Dec. 31: VOLS declares and pays a dividend of $5,000 to its shareholders (declared and paid on Dec. 31)

10 Dec. 31: VOLS estimates that 1% of its credit sales (on account) will never be collectible.

11 Dec. 31: VOLS records interest related to the Dec. 1 note

12 Dec. 31: VOLS records straight-line depreciation for the Building purchased on Dec. 1.

13 Dec. 31: VOLS owes its employees $15,000 in wages from Dec. 16th - Dec. 31st but has not paid them as of Dec. 31.

S.No	Date	Accounts	Debit ($)	Credit ($)
1	December 1, 2020	Cash (40,000*10)	400,000
		Common Stock (40,000*1)		40,000
		Paid-in capital in excess of par - common stock (40,000*9)		360,000
2	December 1, 2020	Building	60,000
		Note payable		60,000
3	December 4, 2020	Inventory	250,000
		Accounts Payable		250,000
4	December 5, 2020	Supplies	3,000
		Cash		3,000
5	December 10, 2020	Accounts Receivable (600*575)	345,000
		Sales		345,000
				-
5	December 10, 2020	Cost of Goods Sold (600*250)	150,000
		Inventory		150,000
6	December 11, 2020	Cash (300*575)	172,500
		Accounts Receivable		172,500
7	December 12, 2020	Accounts Payable	250,000
		Discount received (250,000*2%)		5,000
		Cash		245,000
8	December 15, 2020	Wages expense	20,000
		Cash		20,000
9	December 31, 2020	Dividend	5,000
		Cash		5,000
10	December 31, 2020	Bad debt expenses (345,000*1%)	3,450
		Allowances for doubtful debts
11	December 31, 2020	Interest expense (60000*8%/12)	400
		Interest payable		400
12	December 31, 2020	Depreciation expense - Building (60,000/20*1/12)	250
		Accumulated Depreciation - Building		250
13	December 31, 2020	Wages expense	15,000
		Wages payable		15,000