The assets and liabilities of Herat Travel Service at June 30, 2008, the end of the current year, and its revenue and expenses for the year are listed below. The capital stock was $30,000 and the retained earnings was $45,000 on July 1, 2007, the beginning of the current year.

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Accounts payable Accounts receivable Cash Fees earned Land $ 15,300 Miscellaneous expense $ 3,150 24,350 Office expense 70,800 Supplies 378,200 Wages expense 91,350 5,350 181,500 100,000 Prepare an income statement for the current year ended June 30, 2008.