Green Day Travel prepares quarterly financial statements. Presented below is an income statement for the first quarter ended March 31, 2021 GREEN Day INSURANCE AGENCY Income Statement For the Quarter Ended March 31, 2021 Revenues Rent Revenue Expenses Salaries and wages expense Advertising expense Utilities expense Maintenance and repairs expense Depreciation Expense Total Expenses Net Income $240,000 $72,000 4,100 850 4,800 3,000 84,750 155,250 Additional Data: When the income statement was prepared, the company accountant neglected to take into consideration the following information: 1. The following bills were received on March 31: A utility bill for $120, advertising $150, and repairs $400. 2. The rent revenue includes advanced rentals of $40,000 for summer rentals. 3. Supplies on hand on March 31 were $1,200. The supplies account has a balance of $3,400. 4. Green Day prepaid $9,600 for a one-year insurance policy at the beginning of the year. 5. Salaries expense totals $400 per day. As of March 31, 4 days of salaries have been incurred but not yet paid or recorded. 6. Green Day borrowed $24,000 on January 1, 2021 by issuing notes payable. The interest rate is 5%. Instructions: Prepare a corrected income statement