The assets and liabilities of Impeccable Travel Service on November 30, 2010, the end of the current year, and its revenue and expenses for the year are listed below. The Capital stock was $75,000 and the retained earnings were $305,000 on December 1, 2009, the beginning of the current year.

Account Payable : $42,000 Miscellaneous Expense : $12,700

Accounts Receivable : $75,500 Office Expense : $313,300

Cash: $45,400 Supplies: $5,100

Fees eared: $754,000 Wages Expense: $450,000

Land: $290,000

Prepare an income statement for the current year ended November 30, 2010.