These financial statement items are for Barone Corporation at year end, July 31, 2020.

Wages payable		$2,400
Wages expense		53,800
Utilities expense		24,400
Equipment		34,300
Accounts payable		4,300
Service revenue		77,800
Rent revenue		8,300
Bank loan payable		2,000
Common shares		33,200
Cash		26,000
Accounts receivable		10,200
Accumulated depreciation, equipment		6,500
Dividends declared		4,000
Depreciation expense		4,300
Interest expense		100
Income tax expense		1,600
Retained earnings, August 1, 2019		24,200

Barone issued $16,100 of common shares during the year.

Prepare a single step income statement for the year. BARONE CORPORATION Statement of Income