[The following information applies to the questions displayed below.]

The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below.

Accounts	Debit				Credit
Cash	$	11,500
Accounts Receivable		145,000
Prepaid Rent		5,500
Supplies		27,500
Equipment		350,000
Accumulated Depreciation					$	130,000
Accounts Payable						11,500
Salaries Payable						10,500
Interest Payable						4,500
Notes Payable (due in two years)						35,000
Common Stock						250,000
Retained Earnings						55,000
Service Revenue						450,000
Salaries Expense		350,000
Rent Expense		17,500
Depreciation Expense		35,000
Interest Expense		4,500
Totals	$	946,500			$	946,500

Required:

1. Prepare an income statement for the year ended December 31, 2021.

Required: 1. Prepare an income statement for the year ended December 31, 2021. FIGHTIN' BLUE HENS CORPORATION Income Statement For the Year Ended December 31, 2021 Service Revenue $ 500,000 Expenses Depreciation Expense Interest Expense Rent Expense Salaries Expense 40,000 5,000 20,000 400,000 Total expenses Net Income 465,000 $ 350,000