Required information On January 1, Year 1, the general ledger of a company includes the following account balances: Credit Accounts Debit Cash $ 25,800 Accounts Receivable 7,200 Supplies 5, 100 Land 70,000 Accounts Payable Common Stock Retained Earnings Totals $108,100 $ 5,200 85,000 17,900 $108, 100 During Year 1, the following transactions occur: January 2 Purchase rental space for one year in advance, $12,000 ($1,000/month). January 9 Purchase additional supplies on account, $5,500. January 13 Provide services to customers on account, $27,500. January 17 Receive cash in advance from customers for services to be provided in the future, $5,700. January 20 Pay cash for salaries, $13,500. January 22 Receive cash on accounts receivable, $26, 100. January 29 Pay cash on accounts payable, $6,000. 4. Prepare an income statement for the period ended January 31, Year 1. Income Statement For the year ended January 31, Year 1 Revenues: Service Revenue Expenses: Rent Expense Supplies Expense Salaries Expense Total Expenses Net Income