Required: Prepare an income statement for 20X2 for the JWM based on the format of Exhibit 4. asad to as wov of boilqque er noiteanoint Problem 16 The Milford Motel (MM) has two major operated departments: rooms and food. The following information is supplied to you as of December 31, 20X7: Account Account Balance Insurance (fire) A 20,000 Rooms department-salaries and wages 300,000 Food department-salaries and wages 200,000 Management fees bioa Supplies and other-food department 40,000 Food purchases 200,000 Room sales Interest expense $ 1,210,000 Cost of food sold Food sales A&G-salaries and wages 450,000 Franchise fees 120,000 EA 20,000