The Sheffield Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, March 31,2024$31,2024$:

Accounts payable

$15,400

Accounts receivable

30,400

Accumulated depreciationequipment

10,200

Cash

20,400

Common shares

13,600

Depreciation expense

6,800

Dividends declared

 

4,400

 

Equipment

29,450

Fees earned

111,100

Income tax expense

 

7,200

 

Income tax payable

6,950

Insurance expense

5,900

Prepaid insurance

4,900

Rent expense

8,400

Retained earnings

23,400

Salaries expense

51,200

Salaries payable

5,400

Supplies

5,800

Supplies expense

6,400

Utilities expense

4,800

During the year ended March 31,2024,$31,2024,$ common shares were issued for $7,400.

($($a)$)$

Prepare a statement of income for the year.