The following trial balance and additional data are for a tour company:

The company consistently followed the policy of initially debiting all prepaid items to asset accounts.

The buildings have an expected life of 50 years with no salvage value.

The office equipment has an expected life of 10 years with no salvage value.

Accrued interest on notes receivable is USD 450.

Accrued interest on the notes payable is USD 1,000.

Accrued salaries are USD 2,100. Expired prepaid insurance is USD 3,750.

Task:

Construct an Income Statement in good form from the accounts listed

Trial Balance 2010 December 31 Credits Cash Accounts Receivable Prepaid Insurance Debits $ 109,050 133,750 4,350 18,000 11,250 90,000 165,000 $ 49,500 83,400 16,680 Prepaid Advertising Notes Receivable Land Buildings Accumulated Depreciation-Buildings Office Equipment Accumulated Depreciation Office Equipment Accounts Payable Notes Payable Capital Stock Retained Earnings, 2010 January 1 Dividends Service Revenue Salaries Expense Travel Expense Interest Revenue Interest Expense 56,850 75,000 240,000 47,820 30,000 368,350 96,000 111,000 600 3,000 $ 854,800 $ 854,800