You are provided with the following list of account balances for Cove Corp. for the year ended June 30, 2020.You are required to prepare the following in proper format:

A Multiple-Step Income Statement

a Statement of Changes in Equity

a classified Statement of Financial Position

Cove Corporation

June 30, 2020

Prepaid rent$ 1,300

Rent expense 15,500

Patent10,000

Accumulated depreciation 4,300

Depreciation expense 2,000

Cost of Goods

Sold 37,500

Inventory9,700

Income tax expense771

Income tax payable442

Retained earnings (June 30, 2019) 12,340

Bank loan payable, due December, 2020 600

Bank loan payable, due December, 2025 63,000

Dividends declared and paid 210

Accounts receivable 750

Sales revenue80,000

Accounts payable 7,800

Cash4,304

Interest expense72

Equipment 66,000

Salary expense 24,500

Common shares (1,000 shares) 3,600

Unearned revenue525