Use the following information available as of December 31 to prepare an income statement for the year and a balance sheet at December 31st for Glacier Company.

Fees received for services performed during the year, $120,000 Accounts payable, $18,100 Accounts receivable, $17,300 Miscellaneous expenses for the year, $8,800 Supplies on hand, $3,000 Notes payable, $28,000 Interest expense on the note for the year, $3,700 Equipment, $86,900 Cash on hand, $11,900 Salaries expense for the year, $70,700 Supplies expense for the year, $8,400 Rent expense for the year, $11,900 Common stock that has been issued, $54,000 Retained earnings at the end of the year, $19,000