$1.$ For the foll

Prepare a properly classified income statement for $2023,$ using the post$-$adjustment account balances.

University Street Parking Garage

Income Statement

For the year ended December $31,2023$

Begin with the following account balances for University Street Parking Garage $($assume all accounts have normal balances$)$ at December $31,2023$:

Accounts payable: $$16700$

Accounts receivable: $$39,200$

Accumulated Depreciation $($equipment$)$: $36,800$

Cash: $6,700$

Common Stock $(20,000$ shares$)$: $100,000$

Depreciation Expense $($equipment$)$: $12,300$

Dividends Declared: $6,300$

Equipment: $269,500$

Income taxes expense: $2,700$

Income taxes payable: $1,100$

Interest Expense: $16,500$

Interest Payable: $0$

Interest Income: $4100$

Inventory: $4900$

Investments $35,000$

Notes Payable $($due May $2,2031)$: $160,000$

Prepaid Rent $(4$ months$)36,400$

Rent expense $94,400$

Retained earnings, Jan $1,2023$: $43,000$

Service Revenue,parking: $224,600$

Service Revenue,repair: $208,100$

Supplies Expense: $36,900$

Wages Expense: $233,600$

Wages Payable: $0$

The following adjustments have been made. The Income statement will need to reflect these post$-$adjustment account balances.

a$.$ Rent Expense $9,100$

Prepaid Rent $9,100$

b$.$ Wages Expense $12,500$

Wages Payable $12,500$

c$.$ Depreciation Expense $2,000$

Accumulated Depreciation $($equipment$)2,000$

d$.$ Interest Expense $1,800$

Interest Payable $1,800$

Please make the income statement for $2023,$ using the post$-$adjustment account balances