Presented below are the balance of the assets, liabilities, owners' equity, revenues, andexpenses of Albeitz Import Service, Inc., at December 31, 19X3, the end of its first year of busi-ness. During the year, the owners invested \(\$ 10,000\) in the business.

Required1. Prepare the income statement of Albeitz Import Service, Inc., for the year ended December\(31,19 \mathrm{X} 3\).2. What was the amount of the dividends during the year?

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Note payable. Utilities expense. $ 30,000 Office furniture.. $45,000 6,800 Rent expense. 24,000 Accounts payable.. 3,300 Cash. 3,600 Retained earnings.. 17,100 Office supplies. 4,800 Service revenue 151,200 Salary expense.. +9,000 Accounts receivable. 9,000 Salaries payable... 2,000 Supplies expense.. Common stock.. 10,000 4,000 Property tax expense Dividends.. 1,200