Problem 4-6 Indigo Travel Court was organized on July 1, 2016, by Betty Johnson. Betty is a good manager but a poor accountant. From the unadjusted tabular summary, Betty prepared the following income statement for her fourth quarter, which ended June 30, 2017, Indigo Travel Court Income Statement For the Quarter Ended June 30, 2017 Revenues Rent revenue $210,900 Operating expenses Advertising expense Salaries and wages expense Utilities expense Depreciation expense Maintenance and repairs expense Total operating expenses 4,385 82,465 930 3,150 4,065 94,995 Net income 115,905 Betty suspected that something was wrong with the statement because net income had never exceeded $30,000 in any one quarter. Knowing that you are an experienced accountant, she asks you to review the income statement and other data. You first look at the tabular summary. In addition to the account balances reported above in the income statement, it contains the following additional selected balances at June 30, 2017. You first look at the tabular summary. In addition to the account balances reported above in the income statement, it contains the following additional selected balances at June 30, 2017 Supplies Prepaid Insurance Notes Payable 8,685 14,400 14,000 You then make inquiries and discover the following 1. Indigo rental revenues include advanced rental payments received for summer occupancy, in the amount of $57,150. 2. There were $1,930 of supplies on hand at June 30. 3. Prepaid insurance resulted from the payment of a 1-year policy on April 1, 2017. 4. The mail in July 2017 brought the following bills: advertising for the week of June 24, $135; repairs made June 18, $4,795; and utilities for the month of June, $240. 5. Wage expense is $300 per day. At June 30, 4 days' wages have been incurred but not paid 6. The note payable is a 6% note dated May 1, 2017, and due on July 31, 2017. 7. Income tax of $13,740 for the quarter is due in July but has not yet been recorded. Prepare a correct income statement for the quarter ended June 30, 2017. Indigo Travel Court Income Statement