The following information is available for M/s Santos Inc. on December 31, 2019.

Services revenue	$120,000	Internet expense	$4,000
Salary expense	$20,000	Depreciation expense	$1,500
Rent expense	$5,000	Insurance expense	$1,000
Interest expense	$1,000	Utilities expense	$1,000
Tax expense	$25,000	Stock	$ 120,000
Fuel expense	$1,000	Interest revenue	$ 5,500
Note payable	$ 20,000	Cash	$ 20,000

Required:

1. Prepare the income statement