Below find a working trial balance for Pickett Company. This format is often use

Below find a working trial balance for Pickett Company. This format is often
used during the preparation phase of the financial statements since it provides
a good overview. The module 2 background information has a very simple example
which may be helpful.Costa Company31-Dec-12Trial Balance (accounts in alphabetical
order)AccountsWorking Trial BalanceBalance SheetIncome Statement Debit Credit Debit Credit Debit CreditAccounts payable$14500$14500Accounts receivable $18000 $18000Cash 41500 41500Common stock 10000 10000Depreciation expense 18250 18250Cost of goods sold 402610 402610Equipment (net of depreciation) 325000 325000Insurance 1500 1500Inventory 80500 80500Long-term debt 105000 105000Marketing 5600 5600Misc. expenses 4500 4500Paid-in capital 90000 90000Property taxes 6500 6500Rent 22000 22000Retained earnings 156400 245500Revenues 619400 619400Salaries 61940 61940Utilities 7400 7400Total$995300$995300$465000$465000$530300$619400Net Income
$89100Required:Your task is to prepare an income statement and a balance sheet in
good format after adjusting for the two errors below.In addition