E4-10 (Static) Determining Adjusted Income Statement Account Balances [LO 4-1, LO 4-2] Partial comparative income statements are presented below for Commonplace Corporation COMMONPLACE CORPORATION (Partial) Income statements For the Years Ended December 31 Service Revenue utilities Expense salaries and Wages Expense Rent, Insurance, and Supplies Expense. Depreciation and Amortization Expense Incone before Income Tax Expense 2021 2020 $705,000 $730,000 20,000 24,000 405,000 460,000 163,000 142,000 17,000 $100,000 4,000 $100,000 The company's manager provides the following additional information: a The company received a bill for $2.400 of electricity and other utility services used in December 2021, but recorded it only when paid in January 2022 b A customer's $15.000 payment was received and included as service revenue on January 2, 2021, even though it was for services performed in December 2020. The company ordered $5,000 of supplies in December 2021, but only recorded them when they were received, used, and paid for in January 2022 d The company did not record December 2019 salaries of $30,000 until the employees were paid on January 2, 2020 Salaries for December 2020 and December 2021 were recorded in the proper years. Required: Using the above information, revise the comparative Income statement to report the proper amounts for each year. (Assume all other transactions and events, such as income taxes, have been properly recorded but are just not displayed on the partial Income statements) Service Revenue COMMONPLACE CORPORATION (Partial) Income Statements At December 31 Utities Expense Salaries and Wages Expense: Rent, Insurance and Supplies Expense Depreciation and Amortization Expense Income before Income Tax Expense 2021 2020 $ 705,000