The following is the unadjusted trial balance for Ivanhoe Lodge Ltd. at its year end, May 31, 2021. The company adjusts its accounts monthly.

PLEASE COMPLETE THE -STATEMENT OF INCOME- WITH THE FOLLOWING INFORMATION!

Debit Credit $6,295 12,770 4,500 4,850 115,220 172,800 $ 24,600 Cash Accounts receivable Supplies Prepaid insurance Land Buildings Accumulated depreciation-building Furniture Accumulated depreciation-furniture Accounts payable Deferred revenue Mortgage payable, due 2024 Common shares Retained earnings Dividends declared 35,400 18,900 8,800 17,500 138,000 60,000 42,320 2,140 195,815 Rent income Salaries expense Utilities expense Depreciation expense Interest expense Insurance expense Advertising expense Income tax expense 89,960 23,320 15,070 8,400 6,790 900 7,520 $505,935 $505,935 Additional information: 1. 2. 3. 4. 5. 6. An annual insurance policy was purchased for the first time on October 1, 2020, for $11,640 cash. A count of supplies shows $1,213 of supplies on hand on May 31. The buildings have an estimated useful life of 20 years and straight-line depreciation is applied. The furniture has an estimated useful life of five years and straight-line depreciation is applied. Customers must pay a $100 deposit if they want to book a room in advance during the peak period. An analysis of these bookings indicates that 175 deposits were received and credited to Deferred Revenue. By May 31, 25 of the deposits were earned. On May 25, a local business contracted with Ivanhoe Lodge to rent one of its housekeeping units for four months, starting June 1, at a rate of $2,665 per month. An advance payment equal to one month's rent was paid on May 25 and credited to Rent Income. On May 31, Ivanhoe Lodge has earned $1,649 of rent income from customers who are currently staying at the lodge. The customers will pay the amount owing only when they check out in early June. Salaries of $1,658 are unpaid at May 31. Interest on the mortgage payable is $805 for the month of May and due June 1. The May utility bill of $2,460 has not yet been recorded or paid. Additional income tax is estimated to be $1,100. 7. 8. 9. 10. 11. Prepare a statement of income for the year. IVANHOE LODGE LTD. Statement of Income Year Ended May 31, 2021 $ $ $