Part 1. Happy Trails Park was organized on April 1, 2019, by Alicia Hency. Alicia is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper. Alicia prepared the following income statement for the quarter that ended March 31, 2020. Happy Trails Park Income Statement For the Quarter Ended March 31, 2020 Revenues Rent revenue 88,000 Operating expenses Advertising 5,200 Salaries and wages 28,800 Utilities 750 Depreciation 800 Maintenance and repairs 4,000 Total operating expenses 39,550 Net income 48,450