On October 1, Diondre Shabazz organized a new consulting firm called OnTech. On October 31, the company’s records show the following items and amounts. Use this information to prepare an October income statement for the business.

Cash . . . . . . . . . . . . . . . . . . . . $11,360 Dividends . . . . . . . . . . . . . . . . . $ 2,000 Accounts receivable . . . . . . . . . 14,000 Consulting fees earned . . . . . . . . 14,000 Office supplies . . . . . . . . . . . . . 3,250 Rent expense . . . . . . . . . . . . . . 3,550 Patents . . . . . . . . . . . . . . . . . . . 46,000 Salaries expense . . . . . . . . . . . . 7,000 Office equipment . . . . . . . . . . . 18,000 Telephone expense . . . . . . . . . . 760 Accounts payable . . . . . . . . . . . 8,500 Miscellaneous expenses . . . . . . . 580 Common stock . . . . . . . . . . . . . 84,000.