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Assume you are the president of APEC Aerospace Corporation. At the end of the first year of operations (December 31), the following financial data for the company are available:

Accounts Payable	$	33,130
Accounts Receivable		9,500
Cash		13,900
Common Stock		10,000
Dividends		1,100
Equipment		86,000
Notes Payable		51,220
Operating Expenses		60,000
Other Expenses		8,850
Sales Revenue		94,000
Supplies		9,000

Required:

1. Prepare an income statement for the year ended December 31.