Painter Corporation was organized by five individuals on January 1 of the current year At the end of January of the current year, the following monthly financial data are available: Total revenues Total expenses (excluding income taxes) Income tax expense (all unpaid as of January 31) Cash balance, January 31 Receivables from austomers (all considered collectible) Merchandise inventory (by inventory count at cost) Payables to suppliers for merchandise purchased from them $305,000 198,000 34,500 65,960 34,500 94,700 (will be paid during February current year) Common stock 26,550 61,600 No dividends were declared or paid during January Required: Complete the following two statements Income Statement For the Month Ended January 31, Current Year Total revenues Less: Total expenses (oxcluding income tax) Pretax income 34.500 4,500 $ 107,000 Not income