Prepare the income statement of

Post ElmPost Elm ,

Inc. for the year ended December 31,

20162016.

Let's begin the heading and then complete the rest of the statement

	Equipment . . . . . . . . . . .	$118,000	Land . . . . . . . . . . . . . . . . .	$28,000
	Interest expense . . . . . .	10,000	Note payable . . . . . . . . . .	99,600
	Interest payable . . . . . . .	2,500	Property tax expense . . .	7,800
	Accounts payable . . . . .	20,000	Rent expense . . . . . . . . .	41,400
	Salary expense . . . . . . .	108,000	Accounts receivable . . . .	84,500
	Building . . . . . . . . . . . . .	400,000	Service revenue . . . . . . .	454,600
	Cash . . . . . . . . . . . . . . . .	42,000	Supplies . . . . . . . . . . . . . .	6,100
	Common stock . . . . . . . .	14,400	Utilities expense . . . . . . .	9,000

Beginning retained earnings was

$ 364 comma 700$364,700 ,

and dividends totaled

$ 101 comma 000$101,000

for the year.