Tiffany's provides financial services related to investment selections, retirement planning, and general insurance needs. For the current year, the company reports the following amounts:

Advertising Expense$31,200

Service revenue$129,300

Buildings108,000

Interest Expense3,500

Salaries Expense67,800

Utilities Expense14,500

Accounts Payable6,300

Equipment25,700

Cash6,400

Notes payable30,000

In addition, the company had common stock of $60,000 at the beginning of the year and issued an additional $15,000 during the year. The company also had retained earnings of $20,000 at the beginning of the year and paid dividends of $3,500.

Required:

1.Prepare the income statement Tiffany's for the year ended December 31.

TIFFANY'S Income Statement For the year ended December 31 Expenses: Total expenses 0 $ 0