On the first page of the template is financial data for Southwest Business School. On the second page is a blank income statement. Use the information provided on the first page to prepare the income statement on the second page.

Cash...............................................................................................	26,000
Accounts receivable.......................................................................	7,500
Teaching supplies..........................................................................	2,600
Prepaid insurance..........................................................................	12,000
Prepaid rent....................................................................................	0
Professional library........................................................................	30,000
Accumulated depreciationProfessional library...........................		15,000
Equipment......................................................................................	70,000
Accumulated depreciationEquipment........................................		28,000
Accounts payable...........................................................................		36,000
Salaries payable.............................................................................		400
Unearned training fees...................................................................		6,600
Common stock...............................................................................		10,000
Retained earnings..........................................................................		53,600
Dividends........................................................................................	40,000
Tuition fees earned........................................................................		109,500
Training fees earned......................................................................		42,400
Depreciation expenseProfessional library.................................	6,000
Depreciation expenseEquipment...............................................	12,000
Salaries expense............................................................................	48,400
Insurance expense.........................................................................	3,000
Rent expense.................................................................................	24,000
Teaching supplies expense...........................................................	7,400
Advertising expense.......................................................................	7,000
Utilities expense.............................................................................	5,600	_______
Totals.............................................................................................	$301,500	$301,500