Following are summarized transaction data for Luxury Apartments, Inc., for the year ending June 30, 2012. The company owns and operates an apartment building.

Of the $150,000 rent revenue, $5,000 was not collected in cash until July 5, 2012.
Prepare an income statement for the year ended June 30, 2012.

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Rent revenue from building owned $150,000 Building repairs... 2,870 Building cleaning, labor cost. 3,185 Property taxes on the building. 4,000 Insurance on the building 1,225 Commissions paid to rental agent... 5,000 Legal and accounting fees (for preparation of tenant leases). 1,260 Utilities expense....... 8,225 Cost of new awnings (installed on June 30, will last 10 years).... 5,000