The following amounts were taken from the accounting records of Padget Home Services, Inc., as of December 31, 20Y7. Padget Home Services began its operations on January 1, 20Y7.

Prepare an income statement for the year ending December 31, 20Y7.

Cash Common stock Dividends Fees earned Interest expense Land Miscellaneous expense Notes payable Rent expense Salaries expense Taxes expense Utilities expense $ 60,000 75,000 15,000 620,000 4,800 215,000 10,200 80,000 70,000 272,000 43,000 85,000