Critical Thinking 3-05a Splish Park was organized on April 1, 2019, by Erica Hatt. Erica is a good manager but a poor accountant. From the trial balance prepared by a pert-time book neeper, Erica prepared the following Income statement for the quarter that ended March 31, 2020 Splish PARK Income Statement For the Quarter Ended March 31, 2020 Rent revenue $90,000 Operating expenses Advertising $5,400 Sabresd wages 29,200 Utilties 850 850 Depreclation Maintenance and repairs 3,900 40,200 $49,800 Total operating expenses Net incorme erica thought that something was wrong with the statement because net income had never exceeded $19,100 in any one quarter. Knowing that you are an experienced accountant, she asks you to revlew the income statement and other data You first look at the tria balance. In addition to the account balances reported above in the income statement, the ledger contains the following add tioral selected balances at March 31, 2020. Supplies Prepaid Insurance 7,900 Notes Payable 12,000 $6,100 You then make inquiries and discover the following 1. Rent revenues Include advanced ronta's for summer occupancy $16,000 2. There were $1,800 of supplies on hand at March 31 3. Prepaid insurance resulted from the payment of a one-year policy on Jarwary 1, 2020 4. The mail on April 1, 2020, brought the followling bills: advertising for week of March 24, $110; repairs made March 10, $250; and ut ities, $170 5. Salaries and wages expense total $290 per day At March 31, 3 days' salaries and wages have been Incurred but not paid. 6. The note payable is a 3-month, 11% note dated January 1, 2020. Prepare a correct iIncome statement for the quarter ended March 31, 2020