Miller Tools Company started business on October $1,2023.$ Its fiscal year runs through to September $30$ of the following year. The

following transactions occurred in the fiscal year that started on October $1,2023,$ and ended on September $30,2024.$

$1.$ On October $1,2023,$ Maria Miller invested $$175,500$ to start the business. Miller is the only owner. She was issued $10,000.$

common shares.

$2.$ On October $1,$ Miller Tools borrowed $$220,500$ from a venture capitalist $($a lender who specializes in start$-$up companies$)$

and signed a note payable.

$3.$ On October $1,$ the company rented a building. The rental agreement was a two$-$year contract requiring quarterly rental

payments $($every three months$)$ of $$12,000,$ payable in advance. The first payment was made on October $1,2023($covering

the period from October $1$ to December $31).$ Thereafter, payments were due on December $31,$ March $31,$ June $30,$ and

September $30$ for each three$-$month period that followed. All of the rental payments were made as specified in the

agreement.

$4.$ On October $1,$ the company purchased equipment costing $$292,600$ for cash.

$5.$ Initial inventory was purchased for $$88,000$ cash.

$6.$ Additional purchases of inventory during the year totalled $$577,500,$ all on account.

$7.$ Sales during the year totalled $$887,000,$ of which $$798,300$ were on account.

$8.$ Collections from customers on account totalled $$658,000.$

$9.$ Payments to suppliers on account totalled $$516,500.$

$10.$ The cost of the inventory that was sold during the year was $$551,500.$

$11.$ Selling and administrative expenses totalled $$88,700$ for the year. Of this amount, $$5,800$ was unpaid at year end.

$12.$ Interest on the note payable from the venture capitalist was paid at year end $($September $30,2024).$ The interest rate on the

note is $10\%.$ In addition, $$29,000$ of the note principal was repaid at that time.

$13.$ The equipment was depreciated based on an estimated useful life of $10$ years and an estimated residual value of $$26,600.$

$14.$ The company declared and paid a dividend of $$8,000.$ Prepare a statement of income for $2024$