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Based on the trial balance below create an Income Statement:

Dividends Given: $1,607,500

ACCT #	Account Name	Debit	Credit
1000	Cash	$402,575
1030	Treasury Bills	$100,000
1031	Municiple Bonds	$104,425
1032	Investments	$770,500
1210	Accounts Receivable	$30,000
1400	Inventory	$20,000
1500	Furniture and Fixtures	$0
1599	Accumulated Depreciation		$30,000
2000	Accounts Payable	$40,000
3000	Common Stock		$0
3500	Retained Earnings	$65,000
4000	Gross Sales		$3,900,000
4100	Sales Returns	$20,000
5000	Cost of Goods Sold	$1,080,000
6000	Legal and Professional Fees	$20,000
6020	Advertising Expense	$50,000
6080	Charitable Contributions	$79,000
6150	Premiums on Key Person Life Insurance Policy	$45,500
6500	Rent Expense	$120,000
6600	Employee Wages	$150,000
6601	Officer Salaries	$400,000
7010	Interest Income: Taxable		$10,000
7011	Interest Income: NonTaxable		$7,000
7020	Dividend Income		$30,000
8100	Depreciation	$30,000
8200	Interest Expense	$50,000
9000	Federal Income Tax Expense	$360,000
9010	State Income and Payroll Taxes Paid	$40,000
		$3,977,000	$3,977,000

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