The following information relates to Waterway Co$.$ for the year $2020.$

Owner's Capital, January $1,2020$

$$65,200$

Advertising expense

$$7,700$

Drawings during $2020$

$6,900$

Rent expense

$9,700$

Service revenue

$64,500$

Utilities expense

$2,700$

Salaries and wages expense

$30,200$

$($a$)$

After analyzing the data, prepare an income statement for the year ending December $31,2020.($List items that increase retained earnings first.$)$

$$ WATERWAY CO$.$

Income Statement