Income Statement - one (1) question Instructions: Please prepare an Income Statement on your scratch paper based on the following Unadjusted Trial Balance. Question: Based on the Income Statement you prepared on your scratch paper, what is the Net Income on the Income Statement for the period ending 12/31/xx? Unadjusted Trial Balance As of 12/31/20xx Accounts Debit Credit Cash $5,400 Prepaid Rent 5,000 Supplies 4,900 Building 8,435 Accounts Payable $1,900 Deferred Revenue 1,400 Common Stock 2,100 Retained Earnings 14,600 Revenue 8,435 Rent Expense 500 Salaries Expense 3,700 Utilities Expense 500 Totals $28,435 $28,435