Three individuals organized Pest Away Corporation on January 1 to provide insect extermination services. The company paid dividends of $10,100 during the year. At the end of the first year of operations, the following income statement was prepared:

PEST AWAY CORPORATION Income Statement For the Year Ended December 31 Revenues 194,000 Service Revenue 25,000 Sales Revenue Total Revenues $219,000 Expenses 76,500 Supplies Expense Salaries and Wages Expense 34,000 Advertising Expense 22,100 46,500 Office Expense 179,100 Total Expenses 39,900 Net Income