An inexperienced accounting intern at Krazy Karim prepared the following income statement for the fiscal period 2020. Krazy Karim Income Statement As of December 31, 2020 $ 50,000 73,000 3,500 21,000 17,500 $ 165,000 Revenues: Unearned Revenue Services provided to customers Accounts Receivable Common Stock Loan from Bank Total Revenues Expenses: Payments on Principal Portion of Long-term Debt Operating Expenses Dividends Equipment Purchase Income Tax Payable Income Tax Expense Total Expenses Net Income $ 40,000 26,000 5,000 19,000 2,400 3,600 96,000 $ 69,000 Identify and explain all of the errors made by the intern