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.
Definitions:
Sole Proprietorships
A business structure where the business is owned and run by one individual who bears all the profits and losses.
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