Prepare an income statement with the information listed below:

Accumulated Depreciation $ 35,000 Accounts Payable $ 65,000 Advertising Expense $ 20,625 Prepaid Advertising $ 61,875 Common Stock $ 50,000 Depreciation Expense $ 12,500 Dividend Payable $ 50,000 Dividends $ 100,000 Income Tax expense $ 48,000 Income Tax Payable $ 35,000 Interest Expense $ 3,750 Interest Revenue $ 500 Loss on Disposal of Assets $ 10,000 Prepaid Rent $ 56,250 Rent Expense $ 18,750 Retained Earnings $ 836,875 Sales Revenue $ 300,000 Utilities Expense $ 8,750 Utilities Payable $ 7,000 Wage Expense $ 41,250 Wages Payable $ 10,125