Prepare the June income statement forKarens Designs based on below transactions.

• no explanation required. Only the income statement

JUNE:

MAY:

- June 2. Borrowed $20,000 from 1st Bank of Palm Beach and issued a 90 day note payable at 8% annual interest. - June 4. Received \$4,200 cash from the Gaines Company as an advance payment for services to be provided. - June 5. Purchased a new computer on account from Brown's Computer Nook for $3,600. - June 6. Received cash from clients on account for $2,600. - June 9. Paid cash to the Mason Tribune for a newspaper advertisement, $240. - June 13. Paid Brown's Computer Nook for part of the liability incurred on June 5, $690. - June 14. Paid part-time receptionist for two weeks' salary, $1,100. - June 15. Established a line of credit for $10,000 with 1st Bank of Palm Beach. - June 17. Paid cash for supplies, $3,000. June 18. Paid $150 for routine maintenance on the office equipment. - June 20. DunnRite Scholastic Enterprises, one of Karen's clients, was unable to make a payment on his account for $3,000. He issued a 60 day note at 12% annual interest to Karen's Design Inc. - June 20. Purchased additional office equipment on account from Cabrillo Office Supply store for $5,650. - June 20. Recorded services provided on account to various clients for the period of June 1-20, $4,360. - June 24. Received cash from clients for fees earned during the period of June 1-24, $6,100. - June 26. Received cash from clients on account, \$15,200. - June 27. Paid part-time receptionist for two weeks salary, \$1,100. - June 30. Recorded cash from clients for fees earned for the period of June 25-30, $3,450. - June 30. Recorded services provided on account for the period of June 20-June 30,$2,100. - June 30. Paid dividends of $2,500. Additional information for Karen's Designs, Inc. as of June 30, 2023 - Supplies on hand on June 30 is $2,130. - Monthly depreciation of all office equipment is $320. - Accrued receptionist salary on June 30 is $200. - Unearned fees on June 30 is $8,600. May 1. Karen invested $10,000 into her business in exchange for 5000 shares of common stock. May 2. Karen purchased a six month business insurance policy for $1,200. May 5. Karen signed a six months lease on a shared office for $500 per month. Karen paid the entire amount of the lease in advance. May 7. Karen paid $2500 for office supplies which are expected to last for five months. May 10. Karen borrowed $5,000 from a family friend at an interest rate of 10%. Interest and principle are due in one year. May 12. Karen received $7,000 from Wagner Enterprises, a client, for design work to be completed in July. May 17. Karen completed $12,000 design work for Sir William Industries on account. Payment is due in 30 days. May 20. Karen completed $3,000 design work for DunnRite Scholastic Programs on account. Payment is due in 30 days. May 31. Karen completed an inventory of supplies and determined that $2,100 of supplies are on hand