prepare the income statement for 12 months ending 12/31/2019

As of 12/31/2018 A/C Description Debit Credit Cash $26,120 Accounts Receivable 49,000 Shop Supplies 8,500 Office Supplies 1,500 Prepaid Advertising 4,500 Prepaid Insurance 3,250 Warehouse 140,000 Equipment 126,000 Accumulated Depreciation $63,840 Land Accounts Payable-MASC 3,500 Dividends Payable 7,500 5 Rent Payable 2,800 5 Salaries Payable 4,800 7 Utilities Payable 1,100 8 Interest Payable 330 9 Note Payable 85,000 20 Common Stock 140,000 21 Retained Earnings 50,000 22 Dividends 23 Collision Repair Revenue 24 Gain on fixed asset disposal 25 Advertising Expense 26 Depreciation Expense 27 Insurance Expense 28 Interest Expense 29 Miscellaneous Expense 30 Office Supplies Expense 31 Rent Expense 32 Salaries Expense 33 Shop Supplies Expense 34 Utilities Expense S358,870 S358,870 As of 12/31/2019 Debit Credit $23,950 50,000 5,800 2,300 5,000 3,300 140,000 127,200 $84,070 35,000 4,000 5,500 3,200 5,200 1,350 280 68,950 160,000 50,000 50,000 615,000 800 37,500 24,030 13,150 3,570 1,050 4,700 37,200 370,000 46,700 17,900 $998,350 35 36 $998,350