The following information for the year ended December 31, 2016, was reported by Nice Bite, Inc. Accounts Payable Accounts Receivable Cash (balance on January 1, 2016) Cash (balance on December 31, 2016) Common Stock Dividends Equipment Income Tax Expense Interest Expense Inventory Notes Payable Prepaid Rent Office Expense Retained Earnings (beginning) Salaries and Wages Expense Service Revenue Utilities Expense Salaries and Wages Payable $ 59,000 36,800 116,900 98,000 136,500 @ 150,700 11,500 30,900 18,600 37,600 8,400 15,700 13,300 37,100 165,800 26,500 22,000 Other cash flow information: Cash from issuing common stock Cash paid to reacquire common stock Cash paid for income taxes Cash paid to purchase long-term assets Cash paid to suppliers and employees Cash received from customers $ 35,000 40,100 12,400 66,400 100,000 165,000 Required: 1. Prepare an income statement for 2016. NICE BITE, INC. Income Statement 3:18