On January 1, Year 1, the general ledger of a company includes the following account balances:

Accounts	Debit				Credit
Cash	$	25,300
Accounts Receivable		6,700
Supplies		4,600
Land		65,000
Accounts Payable					$	4,700
Common Stock						80,000
Retained Earnings						16,900
Totals	$	101,600			$	101,600

During Year 1, the following transactions occur:

January		2		Purchase rental space for one year in advance, $10,500 ($875/month).
January		9		Purchase additional supplies on account, $5,000.
January		13		Provide services to customers on account, $27,000.
January		17		Receive cash in advance from customers for services to be provided in the future, $5,200.
January		20		Pay cash for salaries, $13,000.
January		22		Receive cash on accounts receivable, $25,600.
January		29		Pay cash on accounts payable, $5,500.

4. Prepare an income statement for the period ended January 31, Year 1.