Below is financial data for Mila's Law Firm owned by Mila, G. at 30 June 2021:

Cash at bank

$15,000

Motor vehicle

$29,000

Salaries payable

5,000

Mila, G capital contribution

17,000

Accounts receivable

17,000

Office expense

2,600

Insurance expense

16,000

Advertising expense

20,000

Accounts payable

12,000

Salaries expense

55,000

Service revenue

220,000

Mila, G drawings

20,000

Loan payable

60,000

Travel expense

3,500

Prepaid insurance

2,000

Court filing fees

4,000

Office equipment

45,000

Required:

Using the template below create an income statement for the business for the year ended 30 June 2021. (10 marks)