Construct an income statement out of the following transactions:

Cash	1	$ 73,000
Equipment		3,000
Common Stock (2900*10)			$ 29,000
Paid in Capital in Excess of Par			47,000
Training Rights	2	15,500
Cash			15,500
Prepaid Rent	3	27,000
Cash			27,000
Office Equipment	4	15,000
Accounts Payable			15,000
Equipment	5	40,000
Notes Payable			40,000
Cash	6	28,342
Notes Payable			28,342
No Entry	7	-
No Entry			-
Cash	8	10,000
Unearned Service Revenue			10,000
Supplies	9	5,800
Accounts Payable			5,800
Accounts Receivable	10	61,000
Service Revenue			61,000
Dividends	11	11,600
Cash			11,600
Cash	12	51,500
Unearned Service Revenue			51,500
Short-Term Investments	13	672.50
Cash			672.50
Equipment	14	11,600
Cash			11,600
Salaries and Wages Expense	15	15,700
Salary Tax Expense		6,100
Cash			21,800
Payroll Tax Expense	16	3,780
Cash			3,780
Accounts Payable	17	1,900
Cash			1,900
Accounts Receivable	18	32,300
Service Revenue			32,300
Cash	19	25,000
Service Revenue			25,000
Salaries and Wages Expense	20	13,000
Salary Tax Expense		7,500
Cash			20,500
Supplies	21	1,120
Cash			1,120
Payroll Tax Expense	22	3,670
Cash			3,670
Cash	23	75,000
Accounts Receivable			75,000
Equipment	24	17,000
Equipment			15,000
Cash			2,000
Supplies	25	2,690
Cash			2,690
Accounts Receivable	26	37,000
Service Revenue			37,000
Cash	27	6,250
Supplies			6,250
Dividends	28	11,600
Cash			11,600
Cash	29	40,000
Accounts Receivable			40,000
Interest Expense	30	1,417
Interest Payable			1,417
Depreciation Expense	31	5,694
Accumulated Depreciation - Equipment			5,694
Salaries and Wages Expense	32	4,550
Salaries and Wages Payable			4,550
Cash	33	18,300
Accounts Receivable			18,300
Accounts Receivable	34	5,600
Service Revenue			5,600
Rent Expense	35	11,000
Cash			11,000
Cash	36	364
Short-Term Investments			364
Salaries and Wages Expense	37	30,100
Salaries and Wages Payable			30,100
Tax Expense	38	3,790
Tax Payable			3,790
Supplies Expense	39	4,420
Supplies			4,420
Change in Fair Value of Ford	40	429.90
Short-Term Investments			429.90
Cash	41	35,000
Discount on Notes Payable		5,000
Notes Payable			40,000
Allowance for Doubtful Accounts	42	7,474.50
Accounts Receivable			7,474.50
Accounts Receivable	44	1,000
Cash			1,000
(To Record NSF Check)
Cash	45	1,000
Accounts Receivable			1,000
(To Record Cash Receipts)