Prepare an income statement for the month of May 31.

Prepare an income statement for the month of May 31. Tamarisk, Inc. Income Statement $ $ $ The Tamarisk, Inc. opened for business on May 1, 2022. Its trial balance before adjustment on May 31 is as follows. Tamarisk, Inc. Trial Balance May 31, 2022 Account Number Debit Credit 101 Cash $ 3,780 126 Supplies 2,252 130 Prepaid Insurance 2,592 140 Land 12,960 141 Buildings 64,800 149 Equipment 15,360 200 Notes Payable $ 43,200 201 Accounts Payable 12,080 208 Unearned Rent Revenue 3,564 311 Common Stock 37,800 429 Rent Revenue 10,284 610 Advertising Expense 648 726 Salaries and Wages Expense 3,564 732 Utilities Expense 972 $106,928 $106,928 In addition to those accounts listed on the trial balance, the chart of accounts for Tamarisk, Inc. also contains the followi 726 Salaries and Wages Expense 3,564 732 Utilities Expense 972 $106,928 $106,928 In addition to those accounts listed on the trial balance, the chart of accounts for Tamarisk, Inc. also contains the following accounts and account numbers: No. 142 Accumulated Depreciation-Buildings, No. 150 Accumulated Depreciation-Equipment, No. 212 Salaries and Wages Payable, No. 230 Interest Payable, No. 619 Depreciation Expense, No. 631 Supplies Expense, No. 718 Interest Expense, and No. 722 Insurance Expense. Other data: 1. Prepaid insurance is a 1-year policy starting May 1, 2022. 2. A count of supplies shows $810 of unused supplies on May 31. 3. Annual depreciation is $3,240 on the buildings and $1,536 on equipment. 4. The note payable interest rate is 12%. (The note was taken out on May 1 and will be repaid along with interest in 2 years.) 5. Two-thirds of the unearned rent revenue has been earned. 6. Salaries and wages of $885 are unpaid and unrecorded at May 31. Debit No. Date Account Titles and Explanation Credit 1. May 31 Insurance Expense 216 Prepaid Insurance 216 2. May 31 Supplies Expense 1,442 Supplies 1,442 3. May 31 Depreciation Expense 398 Accumulated Depreciation-Buildings 270 Accumulated Depreciation Equipment 128 4. May 31 Interest Expense 432 Interest Payable 432 5. May 31 Unearned Rent Revenue 2,376 Rent Revenue 2,376 6. May 31 Salaries and Wages Expense 885 Salaries and Wages Payable 885 Cash No. 101 Date Explanation Ref Debit Credit Balance May 31 Balance 3,780 Supplies No. 126 Date Explanation Ref Debit Credit Balance May 31 Balance 2,252 May 31 Adjusting J1 1,442 810 Prepaid Insurance No. 130 Date Explanation Ref Debit Credit Balance May 31 Balance 2,592 May 31 Adjusting 11 216 2,376 Land No. 140 Date Explanation Ref Debit Credit Balance May 31 Balance 12,960 Buildings No. 141 Date Explanation Ref Debit Credit Balance May 31 Balance 64,800 Accumulated Depreciation- Buildings No. 142 May 31 Balance 64,800 Accumulated Depreciation- Buildings No. 142 Date Explanation Ref Debit Credit Balance May 31 Adjusting J1 270 270 Equipment No. 149 Date Explanation Ref Debit Credit Balance May 31 Balance 15,360 Accumulated Depreciation- Equipment No. 150 Date Explanation Ref Debit Credit Balance May 31 Adjusting J1 128 128 Notes Payable No. 200 Date Explanation Ref Debit Credit Balance May 31 Balance 43,200 Accounts Payable No. 201 Date Explanation Ref Debit Credit Balance May 31 Balance 12,080 Unearned Rent Revenue No. 208 Date Explanation Ref Debit Credit Balance May 31 Balance 3,564 Unearned Rent Revenue No. 208 Date Explanation Ref Debit Credit Balance May 31 Balance 3,564 May 31 Adjusting J1 2,376 1,188 Salaries and Wages Payable No. 212 Date Explanation Ref Debit Credit Balance May 31 Adjusting J1 885 885 Interest Payable No. 230 Date Explanation Ref Debit Credit Balance May 31 Adjusting J1 432 432 Common Stock No. 311 Date Explanation Ref Debit Credit Balance May 31 Balance 37,800 Rent Revenue No. 429 Date Explanation Ref Debit Credit Balance May 31 Balance 10,284 May 31 Adjusting J1 2,376 12,660 Advertising Expense No. 610 Date Explanation Ref Debit Credit Balance Depreciation Expense No. 619 Date Explanation Ref Debit Credit Balance May 31 Adjusting J1 398 398 Supplies Expense No. 631 Date Explanation Ref Debit Credit Balance May 31 Adjusting J1 1.442 1,442 Interest Expense No. 718 Date Explanation Ref Debit Credit Balance May 31 Adjusting J1 432 432 Insurance Expense Date Explanation Ref Debit Credit Balance May 31 Adjusting J1 216 216 Salaries and Wages Expense No. 726 Date Explanation Ref Debit Credit Balance May 31 Balance 3,564 May 31 Adjusting J1 885 4,449 Utilities Expense No. 732 Date Explanation Ref Debit Credit Balance May 31 Balance 972 Adjusted Trial Balance May 31, 2022 Debit Credit Cash $ 3,780 $ Supplies 810 Prepaid Insurance 2,376 Land 12,960 Buildings 64,800 Accumulated Depreciation-Buildings 270 Equipment 15,360 Accumulated Depreciation-Equipment 128 Notes Payable 43,200 Accounts Payable 12,080 Unearned Rent Revenue 1.188 Salaries and Wages Payable 885 Interest Payable 432 Common Stock 37,800