Presented below are partial Income Statements for Rider Corporation for two prior years. Rider Corporation Income Statements For the Years Ended December 31 2016 2015 $730,000 460,000 166,000 4,000 100,000 $705,000 Sales Revenue Salaries and Payroll Tax Expenses Operating Expenses Interest Expense 405,000 183,000 17,000 Income before Income Tax Expense 100,000 In talking with the manager you gather four pieces of additional information. The company relies on financing from small loans, as well as a one-year, $200,000, 6% note payable created on July 1, 2015. The company properly recorded the note as a liability on July 1, 2015, but recorded its interest expense only when it was paid July 1, 2016. The repayment of the loan principal was properly recorded on July 1, 2016. 2. A customer's cheque for $15,000 was received and included as sales revenue on December 1, 2015, even though it was for services performed in January 2016. 3. The company received snow removal services in December 2015, and capitalized their $5,000 cost to the "Land" account when paid in January 2016. 4 The company did not complete or record its December 2014 payroll until employees were paid on January 2, 2015. Total salaries were $30,000 and the additional payroll taxes the company paid as employer were $3,000. The payrolls for December 2015 an 2016 were properly recorded. irements: Assuming no other adjustments are required (ignore corporate income taxes), prepare revised income statements (on the following page) for 2016 and 2015 Problem 4 (continued Rider Corporation Income Statements For the Years Ended December 31 2015 Sales Revenue Salaries and Payroll Tax Expenses Operating Expenses Interest Expense Income before Income Tax Expense