From the trial balance, prepare an income statement and balance sheet

1. The Salem Corporation was established with $10,000 in cash and a building with a fair value of $22,000

2. Collected rents $2,400

3. Paid insurance $850

4. Paid electric bill $240

5. Paid salaries, $350

6. Purchased supplies on account $800

7. Borrowed $15,000 from a bank and signed a note

8. Withdrew $300 for personal use

9. Provided services on account for $3,000

10. Paid $300 on account from transaction \# 6