Find Millers Income Statement Dec. 1 Mr miller deposited $100,000 as initial investment to his newly open business, Miller repair shop. dec. 3 John miller bought supplies $10,000 on account December 3 a piece of land personally owned by john was transferredto the business for the use of its operation. The land was acquired 2 years ago with a cost of $50,000 the market value as this date is $75,000. 50% of the account on december 3 was paid an equipment was acquired for $40,000. 25% downpayment was made and a promissory note was issued for the balance. The customers were billed for services rendered, $5,000 $7,500 was received from cash customers some customers billed on december 9 issued promissory notes in payment of their accounts for a total of $3,000 utilities expense were paid $1,500 insurance premium was paid $4,500 Salaries of employees were paid $3,200 john withdrew cash $2,000 for personal used furnitures and fixtures eere acquired $15,000. &5,000 downpayment was made and the balance on account $1,000 worth of interest on the note was paid collected $1,000 from the customers on account $12,500 was received from cash customers miscellaneous expense were paid $1,200 salaries of employees eere paid $3,200 depreciation ecpense was recorded for equipment $1,250 depreciation expense was recorded for a furniture and fixtures $750 $4,500 wortg of supplies were used