The following are the adjusted account balances Van Isle Electrical for the year ended December 31, 2020. The accounts are listed in alphabetical order and all accounts have a normal balance. Required: Prepare in good form, the Income Statement for December 31, 2020. Accounts payable 2,560 Prepaid insurance 1,100 Accounts receivable 2,500 Rent expense 12,000 Accumulated depreciation - computers 2,000 S. James, capital 36,800 Accumulated depreciation - shop equipment 6,320 S. James, drawings 10,000 Cash 29,355 Service revenue 85,000 Computers 6,000 Shop equipment 15,800 Depreciation expense 2,500 Supplies 1,250 Insurance expense 1,500 Supplies expense 3,500 Interest expense 175 Wages expense 55,000 Note payable (Due June 30, 2022) 12,500 Unearned revenue 3,000 Note receivable (Due February 28, 2021) 7,500