Fill in the income statement and explain

Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate COMP4-1 (Algo) Recording Transactions (Including Adjusting and Closing Entries), Preparing Financial Statements, and Performing Ratio Analysis LO4-1, 4-2, 4-3, 4-4 (GL) Brothers Mike and Tim Hargenrater began operations of their tool and die shop (H \& H Tool, Inc.) on January 1, 2019. The annual reporting period ends December 31. The trial balance on January 1, 2020, follows: Transactions during 2020 follow: a. Borrowed $20,000 cash on a 5-year, 6 percent note payable, dated March 1, 2020 . b. Purchased land for a future building site on March 15,2020 ; paid cash, $15,000. c. Earned $247,000 in revenue. Transactions dated August 30, 2020, including $53,000 on credit and the rest in cash. d. Sold 6,000 additional shares of capital stock for cash at $1 market value per share on January 1, 2020. e. Incurred $93,000 in wages expense and $29,000 in miscellaneous expenses for 2020 , with $24,000 on credit and the rest paid in cash. f. Collected accounts receivables on November 10, 2020, $38,000. g. Purchased other assets on November 15, 2020, $15,000 cash. h. Purchased supplies on account for future use on December 1, 2020, $27,000. i. Paid accounts payable on December 15, 2020, $25,000. j. Signed a three-year $33,000 service contract on December 17, 2020 to start February 1, 2021. k. Declared cash dividends on December 1,2020,$25,000, which were paid by December 31 . Data for adjusting entries: I. Supplies counted on December 31, 2020, $18,000. n. Depreciation for the year on the equipment, $14,000. n. Interest accrued on notes payable (to be computed). o. Wages earned by employees since the December 24 payroll but not yet paid, $17,000. p. Income tax expense, $13,000, payable in 2021