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 Revenues: Unearned Revenue $ 50,000 Services provided to 73,000 customers Accounts Receivable 3,500 Common Stock 21,000 Loan from Bank 17,500 Total Revenues Payments on Principal Portion $ 40,000 of Long-term Debt 26,000 Operating Expenses Dividends 5,000 Equipment Purchase 19,000 Income Tax Payable 2,400 Income Tax Expense 3,600 Total Expenses 96,000 Net Income $ 69,000 Identify and explain all of the errors made by the intern. Expenses: $ 165,000