Pharoah Company was organized on April 1, 2019, by Barbara Evans. Barbara is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Barbara prepared the following income statement for the quarter that ended March 31, 2020.

Pharoah Company Income Statement For the Quarter Ended March 31, 2020
Revenues
Rent revenue		$90,700
Operating expenses
Advertising	$5,200
Salaries and wages	29,800
Utilities	850
Depreciation	800
Maintenance and repairs	4,200
Total operating expenses		40,850
Net income		$49,850

Barbara thought that something was wrong with the statement because net income had never exceeded $19,300 in any one quarter. Knowing that you are an experienced accountant, she asks you to review the income statement and other data. You first look at the trial balance. In addition to the account balances reported above in the income statement, the ledger contains the following additional selected balances at March 31, 2020.

Supplies		$5,300
Prepaid Insurance		7,400
Notes Payable		11,400

You then make inquiries and discover the following.

1.		Rent revenues include advanced rentals for summer occupancy $15,900.
2.		There were $1,700 of supplies on hand at March 31.
3.		Prepaid insurance resulted from the payment of a one-year policy on January 1, 2020.
4.		The mail on April 1, 2020, brought the following bills: advertising for week of March 24, $110; repairs made March 10, $260; and utilities, $190.
5.		Salaries and wages expense total $310 per day. At March 31, 1 day salaries and wages have been incurred but not paid.
6.		The note payable is a 3-month, 10% note dated January 1, 2020.

Prepare a correct income statement for the quarter ended March 31, 2020.