The assets, labilles, owner's equily, revenues, and expences of Phibps Company, a proprielorshi, have the following final balances at Deosember 31.20z3, the end of is fint year of bueiness. To start the business, Hrenden Phillps invested $98,000 (1) (Click the icon to view the financial data) Pequired 1. Prepare the income statemant of Philips Compary for the year ended December 31, 2023. What is Philips Company's net income or net loss for 2023? (Hint: lgnore balance sheet tama) Requirement 1. Prepare the income statement of Philips Company for the year ended December 31, 2023. What is Phillips Compary's net income or net loss for 20eas? (Fint: ignoce tatance sheet items.) Start by filing in the heading for the income statement, and then complete the body of the stabament by choosing the accounts and entering the corresponding amounts. (Usa parenthases or a mints \begin{tabular}{lr} \hline Note Payable & 68,000 \\ Utilities Expense & 20,000 \\ Accounts Payable & 26,000 \\ B. Phillips, Capital & 106,000 \\ Service Revenue & 730,000 \\ Accounts Recenvable & 37,000 \\ Supplies Expense & 30,000 \\ Equipment & 100,000 \\ Office Furniture & 58,000 \\ Rent Expense & 60,000 \\ Cash & 25,000 \\ \hline Office Supplies & 112,000 \\ Salaries Expense & 450,000 \\ \hline Salaries Payable & 5,000 \\ Research Expense & 43,000 \\ \hline \end{tabular}