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 Bronzer Company.

Fees received for services performed during the year, $120,000 Accounts payable, $18,500 Accounts receivable, $17,300 Miscellaneous expenses for the year, $8,700 Supplies on hand, $2,700 Notes payable, $30,000 Interest expense on the note for the year, $3,000 Equipment, $84,400 Cash on hand, $11,200 Salaries expense for the year, $71,500 Supplies expense for the year, $9,400 Rent expense for the year, $12,000 Common stock that has been issued, $60,000 Retained earnings at the end of the year, $7,100