Cullumber Ltd. has a September 30 fiscal year end and a 15% income tax rate. The following information is available for its 2024 year end:

1.		Earned $465,500 of service revenue and incurred $389,000 of operating expenses. Interest expense was $2,200.
2.		On October 5, 2023, paid $44,000 of dividends that had been declared on September 25, 2023.
3.		On September 28, 2024, declared $35,200 of dividends payable on October 8, 2024.
4.		Retained earnings on September 30, 2023, were $209,000.
5.		Issued common shares for $22,000 cash on July 2, 2024.

(a) Prepare an income statement.

(b) Journalize the adjustment for income tax assuming no income tax instalments were made during the year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.)

Date	Account Titles	Debit	Credit
Sep. 30