Party Planners Extraordinaire Corporation has just completed operations for the year ended December 31, 2011. This is the third year of operations for the company. As the sole-shareholder, you want to know how well the business performed during the year. To address this question, you have assembled the following data:

Requirement 

1. Prepare the income statement of Party Planners Extraordinaire Corporation for the year ended December 31, 2011.

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Insurance expense 3,000 Salary expense 44,000 Service revenue 109,000 Accounts payable 7,700 Supplies expense 900 Supplies 2,400 Rent expense 14,000 Dividends 40,000