Question 5 of 6 > -/1 View Policies Current Attempt in Progress Ivanhoe Ltd. has a September 30 fiscal year and and a 15% income tax rate. The following information is available for its 2021 year end 1. 2. Earned $500,000 of service revenue and incurred S 417.500 of operating expenses. Interest Expense was $2,500. On October 5, 2020. paid $52,000 of dividends that had been declared on September 25, 2020. On September 28, 2021, declared $40,000 of dividends payable on October 8, 2021. Retained earnings on September 30, 2020, were $ 250,000. 3. 4. 5. Issued common shares for $22,600 cash on July 2, 2021 Prepare an income statement. IVANHOE LTD. Income Statement S e Textbook and Media Journalize the adjustment for income tax assuming no income tax instalments were made during the year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Sep 30 (To record income tax pense e Textbook and Media List of Accounts Prepare a statement of retained earnings List items that increase retained earnings first.) IVANHOE LTD. Statement of Retained Eamings S e Textbook and Media