Canyon Corporation
the Accountant for the Canyon Corporation Prepared the Following

Essay

Canyon Corporation
The accountant for the Canyon Corporation prepared the following list from the company's accounting records for the year ended December 31, 2016: $$\begin{array} { l r l r } \text { Retained earnings } & ? & \text { Prepaid expenses } & \$ 3,000 \\\text { Cash } & \$ 7,000 & \text { Common stock } & 40,000 \\\text { Accounts payable } & 15,000 & \text { Accounts receivable } & 17,000 \\\text { Sales revenue } & 125,000 & \text { Interest income } & 500 \\\text { Cost of sales } & 70,000 & \text { Salary expense } & 4,000 \\\text { Land } & 75,000 & \text { Income tax expense } & 200 \\\text { Notes payable } & 15,000 & \text { Selling expense } & 45,000 \\\text { Inventory } & 20,000 & \text { Salaries payable } & 5,000\end{array}$$ ​
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-Read the information for Canyon Corporation.Using good form, prepare an income statement for Canyon Corporation.