The following account balances pertain to the Jasper Manufacturing Co. at December 31, 20X3 (before adjusting entries).

	Debit	Credit
Cash ................................................................................	$300,000
Prepaid Insurance .............................................................	50,000
Land ................................................................................	400,000
Accounts Payable .............................................................		30,000
Common Stock .................................................................		250,000
Retained Earnings .............................................................		150,000
Service Revenue ...............................................................		650,000
Wages Expense .................................................................	150,000
Rent Expense ...................................................................	180,000
Total ................................................................................	$1,080,000	$1,080,000

Additional information:

(a)	Prepaid insurance in the trial balance represents an advance payment for 5 months of insurance made on November 1, 20X3.
(b)	In July, the accountant debited accounts payable for a $10,000 fine for a pollution violation; Environmental Expense should have been debited.
(c)	Rent expense in the trial balance represents an advance payment for 6 months rent paid on October 1, 20X3. The Company begins occupying the property on that date.
(d)	Unpaid and unrecorded wages earned by employees at December 31, 20X3, were $60,000.
(e)	Accrue income taxes for 20X3 at 30% on pretax income.

Required:

(2) Prepare the current year income statement