Advanced Automotive Corporation has just completed operations for the year ended December $31,2011.$ This is the third year of operations for the company. As the sole shareholder, you want to know how well the business performed during the year. To address this question, you have assembled the following data:

$\backslash$table$[[$Insurance expense,$$3,000$ Salary expense,$44,000],[$Service revenue,$110,000$ Accounts payable,$6,600],[$Supplies expense,$1,300$ Supplies,$2,400],[$Rent expense,$11,000$ Dividends,$35,000]]$

Requirement

Prepare the income statement of Advanced Automotive

Corporation for the year ended December $31,2011.$