There are a number of errors in the annual income statement below for Mayfare Plumbing, owned by James Fare. Examine the income statement, then complete the requirements below. Income Statement James Fare December 31, 20- Revenue Sales and Service Operating Expenses Advertising Expense Bank Charges 2020-07-24 $1 150.50 1 750.00 Accounting 11 Car Expense Gas and Oil J. Fare, Drawings Utilities Materials Used Miscellaneous Expense Telephone Expense 4 296.00 4 935.00 18076.09 3975.12 Total Expenses Net Income a) Identify the errors and list them. $107 416.00 Page 5 of 9 WCLN.ca 15 096.00 257.00 250.00 55 095.62 $52.320.29 b) Prepare a corrected income statement in good form.