These financial statement items are for Sunland Corporation at year end, July 31, 2021: $900 700 Operating expenses Salaries expense Deferred revenue Utilities expense Equipment Accounts payable Service revenue Rent revenue Common shares Cash Accounts receivable Accumulated depreciation-equipment $32,500 46,700 12,000 2,600 70.200 5,020 116,100 19.000 27,500 5,560 16,100 5,800 Interest payable Supplies expense Dividends declared Depreciation expense Retained earnings, August 1, 2020 Rent expense Income tax expense Supplies Trading investments Bank loan payable (due December 31, 2021) Interest expense 14,500 3,500 22,940 11,500 5,700 2.100 20.500 24.800 1.900 Additional information: Sunland started the year with $14,000 of common shares and issued additiordal shares for $13,500 during the year. Prepare an income statement for the year