Exercise 13-10 (Part Level Submission)

Sandhill Ltd. has a September 30 fiscal year end and a 15% income tax rate. The following information is available for its 2017 year end:

1.		Earned $529,000 of service revenue and incurred $435,000 of operating expenses. Interest expense was $3,500.
2.		On October 5, 2016, paid $52,000 of dividends that had been declared on September 25, 2016.
3.		On September 28, 2017, declared $40,000 of dividends payable on October 8, 2017.
4.		Retained earnings on September 30, 2016, were $252,000.
5.		Issued common shares for $24,000 cash on July 2, 2017.

Prepare an income statement.