The following accounts are taken from Equilibrium Riding, Incorporated, a company that specializes in occupational therapy and horseback riding lessons, as of December $31.$

EQUILIBRIUM RIDING, INCORPORATED

Unadjusted Trial Balance

At December $31$

Account Name Debits Credits

Cash $ $63,600$

Accounts Receivable $7,400$

Prepaid Insurance $6,800$

Equipment $71,100$

Land $23,250$

Accounts Payable $ $31,100$

Deferred Revenue $2,200$

Notes Payable $($long$-$term$)80,000$

Common Stock $5,000$

Retained Earnings $29,225$

Dividends $0$

Service Revenue $33,100$

Salaries and Wages Expense $7,250$

Repairs and Maintenance Expense $820$

Office Expense $405$

Totals $ $180,625$ $ $180,625$

Required:

Using the unadjusted trial balance provided, create an Income Statement for Equilibrium Riding, Incorporated, for the year ended December $31.$