Reference no: EM133006338

The following selected accounts from Okanagan Corporation's general ledger are presented below for the year ended December 31, 2021:

Accounts receivable $254,400
Accumulated depreciation-equipment 733,920
Advertising expense 52,800
Common shares 240,000
Cost of goods sold 1,125,120
Depreciation expense 120,000
Dividends declared 144,000
Equipment 1,392,000
Freight out 24,000
Income tax expense 67,200
Insurance expense 22,080
Interest expense 59,520
Interest income 28,800
Inventory 93,120
Prepaid expenses 29,760
Rent income 23,040
Retained earnings 513,600
Salaries expense 676,800
Sales 2,485,920

Problem (a) Prepare a single-step statement of income.