Prepare an income statement.

Kenley Ryan, the owner of Kenleys Resort and Country Club, has hired you to prepare the income statement for the year ending December 31, 2016. She has provided you with the following information and has requested you follow the format established in the USASH. Additional Information: 1. The Resort invested exist30,000 in the Delaware National Bank earning 12 percent on July 1^st. 2. The beginning and ending food inventories were exist5,000 and exist4,000, respectively. Food consumed by the food and rooms department employees during the year free of charge totaled exist500 and exist300 respectively. 3. Fringe benefits and payroll taxes for all employees, excluding free food were 20% of gross salaries and wages. 4. The Resort pays an average tax rate of 30% 5. The management fee is 2% of net room sales and 6% of total income after undistributed operating expenses 6. Fire insurance was purchased on June 1, 2015 for a two year period of coverage from July 1, 2015 through June 30, 2017. The two year premium was exist36,000. 7. Sold some equipment with a book value of exist5,000 forexist2,000