Milea Inc. experienced the following events in 2016, its first year of operations:

1.

Received $20,000 cash from the issue of common stock.

2.

Performed services on account for $56,000.

3.

Paid the utility expense of $2,500.

4.

Collected $48,000 of the accounts receivable.

5.

Recorded $10,000 of accrued salaries at the end of the year.

6. Paid a $2,000 cash dividend to the stockholders.

b-1.	Prepare the income statement.

MILEA, INC.
Income Statement
For the Year Ended December 31, 2016
Expenses
Total expenses		0
		$0