Income Statement and Balance Sheet: Green Bay Corporation began business in July 2017 as a commercial fishing operation and a passenger service between islands. Shares of stock were issued to the owners in exchange for cash. Boats were purchased by making a down payment in cash and signing a note payable for the balance. Fish are sold to local restaurants on open account, and customers are given 15 days to pay their account. Cash fares are collected for all passenger traffic. Rent for the dock facilities is paid at the beginning of each month. Salaries and wages are paid at the end of the month. The following amounts are from the records of Green Bay Corporation at the end of its first month of operations: Accounts receivable Boats Capital stock Cash Dividends Fishing revenue $17,000 Notes payable $59,000 76,700 Passenger service revenue 12,330 39,500 Rent expense 4,000 9,780 Retained earnings ? 6,400 Salary and wage expense 17,900 20,950 1. Using the data given, prepare an income statement for the month ended July 31, 2017. Green Bay Corporation Income Statement For the Month Ended July 31, 2017 Revenues: Total revenues Expenses: Total expenses 00