The Concord Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, February 28, 2021: Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Depreciation expense Dividends declared Equipment Fees earned Income tax expense 13,100 27,000 5,400 17,900 8,280 4,400 2,100 22,400 89,400 4,700 Income tax payable Insurance expense Prepaid insurance Rent expense Retained earnings Salaries expense Salaries payable Supplies Supplies expense Utilities expense 4,700 3,300 2,500 5,700 20,820 45,850 2,750 2,100 4,200 2,300 During the year ended February 28, 2021, common shares were issued for $5,000. -/20 Prepare a statement of income for the year. CONCORD CORPORATION Statement of Income Year Ended February 28, 2021