Prepare a partial income statement starting with profit before income tax

Metlock inc, a private company, is authorized to issue an unilinited number of commen sharns and 110,000 noncumulative 54 preferred shares. It began operations en January 1,2024, and the following are selected transactions during 2024: Jan. 1 Issued 330,000 common shares for $165,000cash. 2 Issaed 33,000 preferred shares for 510 cash per share, Dec. 1. Declared a total of $247,500 in dividends, payable on January 5 , to shareholders of record on December 13 . 31 Determined that it had total revenues of $1,006,500 and operating expenses of $671,000. Metlock elected to report under ASPE. It has a 15S income tax rate and paid income tax instaiments due ing the year of $44,000. (a) Recora the share issue and dividend transactions. ICredit account titles are automatically indented when the amount is entered De inet indent manualiy. If no entry is required select "No Entry" for the dccount eitles and enter O for the amounts. List oll detit entries before credit entries) - Yaar anwire is nartially correct. stextbook and Media List of Accounts Attempts:2ot Junod (c1)