The following balances were extracted from the accounting records of Falcon Airlines as of December 31, 2021
ACCOUNT DESCRIPTION	BALANCE
Cash-Checking	(9,085)
Cash-Money market	42,511
Amounts receivable trade	123,876
Expendable parts inventory	70,585
Funiture and fixtures	27,328
Accumulated depreciation	17,690
Other non-current assets	35,000
Prepaid Expenses	10,000
Air traffic liability	108,518
Accrued expenses	3,068
Accounts payable	12,097
Federal income tax payable	2,960
Non-current notes payable	57,500
Frequent flyer deferred revenue	37,500
Capital stock	90,000
Reatined earnings Jan 1, 2021	(43,335)
Passenger revenue	952,750
Cargo revenue	168,125
Other revenue	320
Passenger service expense	123,665
Contracted services expense	262,118
Passenger commissions & other selling expenses	237,158
Profit sharing expense	211,328
Aircraft rent	35,398
Landing fees and other costs	7,464
Advertising expense	1,919
Depreciation expense	8,917
Insurance expense	5,495
Aircraft fuel expense	96,250
Salaries and related costs	54,035
Rent expense	18,000
Interest expense	9,996
Professional fees	11,963
Travel expense	6,710
Aircraft maintenance expense	584
Office expense	2,467
Income tax expense	2,509
Utililities expense	3,523
Telephone expense	7,481
No dividends were paid during the year
Required: Prepare the financial statement as at and for the year ended December 31, 2021