Tar Heel Corporation provides the following information at the end of 2018. Salaries payable to workers at the end of the year Advertising expense for the year Building that has been purchased Supplies at the end of the year Retained earnings Utility expense for the year Note payable to the bank Service revenue earned during the year Salary expense for the year Accounts payable to suppliers Dividends paid to shareholders during the year Common stock that has been issued, including $5,000 that was issued this year Cash remaining Interest expense for the year Accounts receivable from customers $ 1,500 8,600 62,000 2,800 31,200 4,200 16,000 60,400 24,900 5,900 ? 25,000 3,400 1,200 11,400 The balance of retained earnings at the beginning of the year equals $18,900. Required: 1. Prepare the income statement for the year ended December 31, 2018.