Sandhal Co. was organized on April 1, 2021, by Michelle Walker Michelle is a good manager but a poor accountant. Michelle used information from the unausted tabular summary to prepare the following income statement for the quarter that ended March 31, 2022. Sandhill Co. Income Statement For the Quarter Ended March 31, 2022 Ravenues $99,600 Rent revenue Operating expenses Advertising expense $5,040 Salaries and wages expense 33.120 Utilities expense 1.900 Depreciation expense 960 Maintenance and repairs expense 3,260 Total operating expenses 44,290 Nat income $55,320 Michelle new that something was wrong with the statement because net income had never excessed $21.000 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 accounting records. In addition to the account balances reported in the income statement, the tabula summary contains these selected balances at March 31, 2022 Supplies $5,400 Prepaid Insurancs 8,640 Notes Payable 24,000 You then make inquiries and discover the following 1. Rent revenue includes advanced rentals for summar-month occupancy, $25,200. 2. There were 5720 of supplies on hand at March 31. 3. Prepaid insurance resulted from the payment of a 1-year policy on January 1, 2022. The main on April 1,2022. brought the following biis: advertising for week of March 24 $129,repairs made March 10, $1,252; and utilities S292. Wage perse totals $352 per day. At March 31 3 days' wages have been incurred but not paid The note payable is a 3-month, 7% nots dated January 1, 2022. 5. 6. Prepara correct income statement for the quarter anded March 31 2022 SANDHILL CO. Income Statement $ S