Green Day Travel prepares quarterly financial statements. Presented below is an income statement for the first quarter ended March 31, 2022

Green Day Travel

Income Statement

For the Quarter Ended March 31, 2022

Revenues

Rent Revenue ................................................................................ $250,000

Expenses

Salaries and wages expense ........................................................ $70,000

Advertising expense ...................................................................... 5,000

Utilities expense 800

Maintenance and repairs expense ................................................ 4,200

Depreciation Expense ................................................................... 2,700

Total Expenses .............................................................................. 82,700

Net Income ............................................................................................. 167,300

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 $250, advertising $300, and repairs $600.

2. The rent revenue includes advanced rentals of $20,000 for summer rentals.

3. Supplies on hand on March 31 were $1,500. The supplies account has a balance of $3,500.

4. Green Day prepaid $3,600 for a one-year insurance policy at the beginning of the year.

5. Salaries expense totals $300 per day. As of March 31, 3 days of salaries have been incurred but not yet paid or recorded.

6. Green Day borrowed $12,000 on January 1, 2022 by issuing notes payable. The interest rate is 10%.

Prepare a corrected income statement.