Following are summarized transaction data for some luxury apartments, for the year ending 2010 June 30. The company owns and operates an apartment building.

Rent revenue from building owned USD 150,000

Building repairs 2870

Building cleaning, labor cost 3185

Property taxes on the building 4000

Insurance on the building 1225

Commissions paid to rental agent 5000

Legal and accounting fees (for preparation of tenant leases) 1260

Utilities expense 8225

Cost of new awnings (installed on June 30, will last 10 years) 5000

Of the USD 150,000 rent revenue, USD 5,000 was not collected in cash until 2010 July 5. Prepare an income statement for the year ended 2010 June 30