The assets and liabilities of Salon Services at May 31, 2008, the end of the current year, and its revenue and expenses for the year are listed below. The capital of the owner was P190,000 at June 1, 2007, the beginning of the current year. Prepare an income statement for the current year ended May 31, 2008.

Accounts Payable	$1,200	Miscellaneous Expense	$220
Accounts Receivable	$12,340	Office Expense	$560
Cash	$32,990	Supplies	$1,670
Fees Earned	$78,350	Wages Expense	$26,770
Land	$65,000	Drawing	$3,000
Building	$143,670