Sandhill Ltd. is a Canadian private company following ASPE. Following are the partial trial balances for Sandhill as at December 31:

2021 2020

Accounts receivable $50,500 $28,000

Salaries and wages payable 15,500 25,500

Income taxes payable 12,700 19,400

Prepaid insurance 8,300 4,100

Accumulated depreciation 92,400 75,200

Interest payable 3,000 9,000

During 2021, Sandhill collected $397,000 in cash from its customers. Sandhill also paid out cash of $152,000 for salaries and wages, $61,000 for income taxes, $40,500 for insurance, and $25,100 for interest. Prepare a single-step income statement for Sandhill Ltd. for the year ended December 31, 2021.