The Grey Sky Company, which has 25,000 shares of common stock outstanding, reports the following ledger balances as of December 31

I3-2:The Grey Sky Company, which has 25,000 shares of common stock outstanding, reports the following ledger balances as of December 31 after adjustments and before closing entries.Accounts Receivable85,000Inventory150,000Land900,000Accounts Payable90,000Common Stock500,000Retained Earnings (beginning of year)238,000Sales1,400,000Rent revenue 28,000Cost of goods sold600,000Selling expenses200,000Administrative expenses170,000Loss on discontinued operation50,000Extraordinary gain67,000Extraordinary loss40,000Unrealized holding gain on available-for-sale securities12,000Cash dividends paid100,000Income tax expense applicable to:Income from continuing operations131,000Loss on discontinued operations18,000Extraordinary gain23,000Extraordinary loss8,000Instructions:(1)Prepare a single-step income statement for the year.(2)Prepare a retained earnings statement for the year.(3)Use the second income statement format to report comprehensive income.

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