Canyon Corporation
the Accountant for Canyon Corporation Prepared the Following

Canyon Corporation
The accountant for Canyon Corporation prepared the following list from the company's accounting records for the year ended December 31,2017:
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$\begin{array}{lrlr}\text { Retained earnings } & ? & \text { Prepaid expenses } & \$ 3,000 \\\text { Cash } & \$ 7,000 & \text { Common stock } & 40,000 \\\text { Accounts payable } & 15,000 & \text { Accounts receivable } & 17,000 \\\text { Sales revenue } & 125,000 & \text { Interest income } & 500 \\\text { Cost of sales } & 70,000 & \text { Sal ary expense } & 4,000 \\\text { Land } & 75,000 & \text { Income tax expense } & 200 \\\text { Notes payable } & 15,000 & \text { Selling expense } & 45,000 \\\text { Inventory } & 20,000 & \text { Sal aries payable } & 5,000\end{array}$ ​
-Read the information for Canyon Corporation and prepare an income statement in good form.