Elizabeth Brown runs an outdoor adventure company called Oriole Ltd. Her busiest months are June through September, although, if the weather holds, she extends her excursions into October and November. For the month of July, she recorded the following items: 1. She paid $49,600 for employee wages and spent $16,400 on advertising. 2. Customers paid her $172,000 for excursions that took place in July (use Service Revenue account) and $21,100 in deposits for trips scheduled in August and September. 3. She used supplies in July that cost $26,400. 4. She spent $1,532 on the utilities for the office and $3,460 on gas and repairs on the vehicles (use Operating Expenses account). (a) Prepare a statement of income to determine how much Oriole Ltd. earned in July. Statement of Income For the Month of July, 2xxx Revenues Service Revenue $ 172000 Expenses $ Wages Expense 49600 Advertising Expense 16400 Supplies Expense 26400 Operating Expenses Total Expenses Net Income / (Loss)