At December 31, 2004, the general ledger of Hoffman Electric had the following account balances. All adjusting entries (except for income taxes at 35%) have been made. The company had 10,400 shares of common stock outstanding during the year.

Accounts payable

$8,950

Equipment

$80,300

Accounts receivable

14,970

Gain on sale of land

4,800

Accrued liabilities

21,000

Interest expense

1,420

Accumulated depreciation

15,300

Merchandise

18,465

Advertising expense

9,968

Land

30,000

Cash

9,530

Retained earnings*

57,984

Common stock

36,000

Sales revenue

260,772

Cost of goods sold

102,690

Utilities expense

9,002

Depreciation expense

13,510

Wages expense

59,780

Prepare an income statement in good form. (Hint: See Exhibit 1.)