The following information relates to Vaughn Co. for the year 2020. Owner's Capital, January 1, 2020 $65,000 Advertising expense $7,500 Drawings during 2020 6,700 Rent expense 9,500 Service revenue 63,500 Utilities expense 2,500 Salaries and wages expense 30,000 C (a) After analyzing the data, prepare an income statement for the year ending December 31, 2020. (List items that increase retained earnings first.) VAUGHN CO. Income Statement