Milea Incorporated experienced the following events in Year 1, its first year of operations: 1. Received $13,000 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,050. 4. Collected $33,240 of the accounts receivable. 5. Recorded $5,050 of accrued salaries at the end of the year. 6. Paid a $950 cash dividend to the stockholders. b-1. Prepare the income statement. Expenses MILEA INCORPORATED Income Statement For the Year Ended December 31, Year 1 Total expenses

Milea Incorporated experienced the following events in Year 1, its first year of operations: 1. Received $13,000 cash from the issue of common stock. 2. Performed services on account for $45,000. 3. Paid the utility expense of $1,050. 4. Collected $33,240 of the accounts receivable. 5. Recorded $5,050 of accrued salaries at the end of the year. 6. Paid a $950 cash dividend to the stockholders. b-1. Prepare the income statement