Peter's Curling Inc. operates several curling centres (for games and equipment sales). The following transactions occurred in October of the current year: a. Peter's collected $13,000 from customers for games played in October (example). b. Peter's sold $7,000 in curling equipment inventory; received $3,000 in cash and the rest on account; cost of sales is $4,200. c. Peter's received $2,500 from customers on account who purchased merchandise in September. d. The curling league gave Peter's a deposit of $2,600 for the upcoming fall season. e. Peter's paid $1,900 for the September electricity bill and received the October bill for $2,200 to be paid in November. f. Peter's paid $4,700 to employees for work in October g. Peter's purchased $1,800 in insurance for coverage from October 1 to December 31. h. Peter's paid $1,400 to plumbers for repairing a broken pipe in the washrooms. Required: Prepare a statement of earnings for Peter's Curling Inc. for the month of October 2020. Use an income tax rate of 40 percent. PETER'S CURLING INC. Statement of Earnings For the Month of October 2020 Revenue Cost of sales Gross profit Operating expenses: Insurance $ 600 Repairs 1,400 Utilities 2,200 Salaries 4,700 $ 20,000 4,200 15,800 8,900 6,900 Earnings before income taxes Income tax expense Net earnings 2,760 4,140 $