Partial comparative income statements are presented below for Commonplace Corporation. 

The company’s manager provides the following additional information:

a. The company received a bill for $2,400 of electricity and other utility services used in December 2018, but recorded it only when paid in January 2019.

b. A customer’s $15,000 payment was received and included as service revenue on January 2, 2018, even though it was for services performed in December 2017.

c. The company ordered $5,000 of supplies in December 2018, but only recorded them when they were received, used, and paid for in January 2019.

d. The company did not record December 2016 salaries of $30,000 until the employees were paid on January 2, 2017. Salaries for December 2017 and December 2018 were recorded in the proper years.

Required:

Using the above information, revise the comparative income statement to report the proper amounts for each year. (Assume all other transactions and events, such as income taxes, have been properly recorded but are just not displayed on the partial income statements.)

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COMMONPLACE CORPORATION (Partial) Income Statements For the Years Ended December 31 2017 2018 $705,000 $730,000 Service Revenue Utilities Expense Salaries and Wages Expense Rent, Insurance, and Supplies Expense 20,000 24,000 405,000 460,000 163,000 142,000 17,000 100,000 Depreciation and Amortization Expense Income before Income Tax Expense 4,000 100,000