you dont have to do the transactions if you want to you can to help other people out. i just need help with the income statement

Comprehensive Problem 10-01 a-b, c1-c3 (Part Level Submission) Skysong, Inc.s balance sheet at December 31, 2019, is presented below. Part 2 Income Statement

Comprehensive Problem 10-01 a-b, c1-c3 (Part Level Submission) Skysong, Inc.'s balance sheet at December 31, 2019, is presented below. Skysong, Inc. Balance Sheet December 31, 2019 Cash $35,000 Accounts payable Inventory 31,000 Interest payable Prepaid insurance 6,960 Bonds payable Equipment 39,180 Common stock Retained earnings $112,140 $13,800 2,350 47,000 30,890 18,100 $112,140 During 2020, the following transactions occurred. 2. 3. 5. 6. Skysong paid $2,350 interest on the bonds on January 1, 2020. Skysong purchased $242,600 of inventory on account. Skysong sold for $489,000 cash inventory which cost $261,500. Skysong also collected $34,230 sales taxes. Skysong paid $234,000 on accounts payable. Skysong paid $2,350 interest on the bonds on July 1, 2020. The prepaid insurance ($6,960) expired on July 31. On August 1, Skysong paid $12,000 for insurance coverage from August 1, 2020, through July 31, 2021. Skysong paid $25,400 sales taxes to the state. Paid other operating expenses, $91,700. Retired the bonds on December 31, 2020, by paying $44,000 plus $2,350 interest. Issued $90,000 of 8% bonds on December 31, 2020, at 104. The bonds pay interest every December 31. 7. 9 10. Adjustment data: 1. Recorded the insurance expired from item 7. 2. The equipment was acquired on December 31, 2019, and will be depreciated on a straight-line basis over 5 years with a $3,180 salvage value. 3. The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.) Skysong, Inc. Trial Balance 12/31/2020 Debit Credit Cash 237680 Inventory 12100 Prepaid Insurance 7000 Equipment 39180 Accumulated Depreciation Equipment 7200 Accounts Payable 22400 Sales Taxes Payable 8830 Income Tax Payable 34482 Bonds Payable 90000 Premium on Bonds Payable 3600 Common Stock 30890 Retained Earnings 18100 Sales Revenue 489000 Gain on Bond Redemption 3000 Other Operating Expenses 261500 Insurance Expense 91700 Depreciation Expense 11960 Interest Expense 7200 Cost of Goods Sold 4700 Income Tax Expense 34482 Totals 707502 707502 Prepare an income statement for the year ending December 31, 2020. Skysong, Inc. Income Statement