Reference no: EM132937179

The following selected accounts from Highview ElectronicsCorporation's general ledger are presented below for the year endedDecember 31, 2021:

Accounts receivable$249,100

Accumulated depreciation-equipment718,630

Advertising expense 51,700

Common shares 235,000

Cost of goods sold 1,101,680

Depreciation expense 117,500

Dividends declared 141,000

Equipment1,363,000

Freight out 23,500

Income tax expense 65,800

Insurance expense 21,620

Interest expense 58,280

Interest income 28,200

Inventory 91,180

Prepaid expenses29,140

Rent income 22,560

Retained earnings 502,900

Salaries expense 662,700

Sales 2,434,130

Problem 1: Prepare a multiple-step statement of income.