The Following Information Is Taken from the Trial Balance of GlaxonSmith

Essay

The following information is taken from the trial balance of GlaxonSmith Supplies Ltd. at December 31, 2021, the company's year end. GlaxonSmith has a 25% tax rate. One of the entries making up the balance of retained earnings is an adjustment that was required due to the overstatement of prior year's depreciation expense by $ 1,600 which is net of tax effect. Instructions
Prepare the income statement and statement of retained earnings for GlaxonSmith for the year ended December 31, 2021 using the multiple-step format for the income statement.