This alphabetized adjusted trial balance is for GalaVu Entertainment as of its December 31, 2020, year-end:

Accounts payable$44,600Accounts receivable$19,300Accumulated depreciation, automobiles69,600Accumulated depreciation, equipment21,100Advertising expense9,600Automobiles146,000Cash11,600Depreciation expense, automobiles13,800Depreciation expense, equipment4,700Equipment68,000Revenue252,600Interest income150Interest expense4,100Interest payable75Interest receivable300John Conroe, capital23,600John Conroe, withdrawals19,600Land38,000Long-term notes payable121,000Notes receivable (due in 90 days)83,000Office supplies4,600Office supplies expense13,600Repairs expense, automobiles9,000Salaries expense76,825Salaries payable6,100Unearned revenue11,600Wages expense28,400Totals$550,425$550,425

Required:

Use the information in the trial balance to prepare:

a.The income statement for the year ended December 31, 2020.