(Understanding the relationship between closing entries and the income statement, LO 6) Below is the closing journal entry prepared by Bellburn Ltd. on December 31, 2004. Use the closing journal entry to prepare Bellburn Ltd’s income statement for the year ended December 31, 2004.

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Dr. Sales Dr. Interest revenue Cr. Retained earnings Cr. Wage expense Cr. Advertising expense 650,000 3,000 112,000 125,000 35,000 Cr. Amortization expense 25,000 Cr. Cost of goods sold 225,000 Cr. Selling and administrative expense 32,000 Cr. Interest expense 12,500 Cr. Rent expense 18,000 Cr. Income tax expense 59,000 Cr. Miscellaneous expense 9,500