Neighborhood Realty, Incorporated, has been operating for three years and is owned by three investors. S. Bhojraj owns 60 percent of the total outstanding stock of 9,060 shares and is the managing executive in charge. On December 31, current year, the following financial items for the entire year were determined, commissions earned and collected in cash, $151,800, plus $16,600 uncollected: rental service fees earned and collected $20,700; salaries expense paid, $62,470, commissions expense paid, $35,150, payroll taxes pald, $1,800; rent paid for January through November, $2,508 (not including December rent yet to be paid), utilities expense paid, $2,000: promotion and advertising paid $7,570; income taxes poid, $23,400; and miscellaneous expenses paid $460. There were no other unpaid expenses at December 31. Also during the year , the company paid the owners out-of-profit" cash dividends amounting to $10,700. Complete the following income statement: NEIGHBORHOOD REALTY, INCORPORATED Income Statement Revenues: Commissions earned $ 0 Rental service fees Total revenues Expenses Salarios expense Commission expense Payroll tax expense Rent expense Utilities expenso Promotion and advertising expense Miscellaneous expenses Total expenses (excluding income taxes) Pretax income Income tax expense Net Income $ 53,514