Vulture INCORPORATED has the following balance sheet:

Accounts payable Accounts receivable Accumulated amortization Cash Long-term loan payable $37,750 53,300 11,150 23,450 15,000 Merchandise inventory Office equipment, at cost Retained Earnings Share capital Supplies inventory 36,100 24,500 63,650 20,000 10,200 The company's transactions during the year 2023 can be summarized as follows: a) Revenue, all on credit, totaled $216,500. b) Merchandise purchases totaled $156,350. An amount of $11,300 was paid in cash and the rest was charged on account. c) Amortization on the office equipment equaled $2,850 for the year. d) The company bought, on credit, new supplies costing $8,650 and used up supplies costing $12,950 during the year. e) The company paid $25,000 dividend in cash to shareholders. f) Collections from customers totaled $235,250. g) Payments to suppliers totaled $152,250. h) Income tax expense for the year estimated to be $12,300. Merchandise inventory at December 31, 2023 totaled $25,750. The company uses a perpetual inventory system and had 5,000 common shares outstanding throughout the year. Prepare, in good form, an income statement for the year ended December 31, 2023