Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars.

	UNADJUSTED
Account Titles	Debit	Credit
Cash	31
Accounts receivable	28
Prepaid insurance	23
Machinery	90
Accumulated depreciation
Accounts payable		24
Wages payable
Income taxes payable
Common stock (7,000 shares)		7
Additional paid-in capital		70
Retained earnings	22
Revenues (not detailed)		131
Expenses (not detailed)	38
Totals	232	232

Other data not yet recorded at December 31 include

1. Insurance expired during the current year, $11.
2. Wages payable, $12.
3. Depreciation expense for the current year, $14.
4. Income tax expense, $7.

Required:

1. Using the adjusted balances, prepare an income statement for the current year.
2. 

\begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ GREEN VALLEY COMPANY } \\ \hline \multicolumn{2}{|c|}{ Income Statement } \\ \hline \\ \hline \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & $ \\ \hline Earnings per share & 0 \\ \hline \hline \end{tabular}