The following information is taken from the trial balance of GlaxonSmith Supplies Ltd. at December 31, 2014, 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, 2014 using the multiple-step format for the income statement.
Definitions:
Communication Research
The study of processes, practices, and effects of communication in various contexts, using a variety of methods.
Communication Research
The study of how people convey and receive messages within interpersonal, group, organizational, cultural, and media contexts.
Organizational Culture
The set of shared assumptions, values, and practices that characterize an organization and guide its members' behavior.
Contestable
Subject to disagreement or debate; capable of being disputed.
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