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These items are taken from the financial statements of Cullumber Corporation for the year ended December 31, 2021: Retained earnings, January 1 $214,000 Cash 14,900

These items are taken from the financial statements of Cullumber Corporation for the year ended December 31, 2021:

Retained earnings, January 1 $214,000
Cash 14,900
Salaries payable 3,000
Utilities expense 2,000
Equipment 58,500
Accounts payable 17,000
Buildings 63,500
Common shares 35,700
Dividends declared 4,000
Service revenue 212,900
Prepaid insurance 2,500
Repairs and maintenance expense 2,800
Land 174,000
Depreciation expense 5,700
Accounts receivable 13,700
Insurance expense 1,700
Salaries expense 124,300
Accumulated depreciationequipment 17,600
Income tax expense 6,000
Supplies 200
Operating expense 39,400
Supplies expense 1,000
Bank loan payable, due 2024 15,500
Trading investments 18,000
Accumulated depreciationbuildings 17,500
Interest expense 1,500
Interest revenue 500

Additional information:

1. Cullumber started the year with $31,000 of common shares and issued $4,700 more during the year.
2. Cullumber must pay $1,500 of the bank loan payable next year in 2022.

Prepare a statement of income for the year.image text in transcribed

Prepare a statement of income for the year. CULLUMBER CORPORATION Statement of Income For the Year Ended December 31, 2021 $ $

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