These items are taken from the financial statements of Pharoah Corporation for the year ended December 31, 202 Question 5 of 6 Prepaid insurance Repairs and maintenance expense Land Depreciation expense Accounts receivable Insurance expense Salaries expense Accumulated depreciation-equipment Income tax expense Supplies Operating expense Supplies expense Bank loan payable, due 2024 1,500 3,300 184,500 6,200 13,700 1,700 120,800 16,100 6,000 200 39,400 1,000 17,500 Additional information: 1. Pharoah started the year with $32,500 of common shares and issued $1,200 more during the year. 2. Pharoah must pay $1,500 of the bank loan payable next year in 2022 . Prepare a statement of income for the year