XN Consultants operates a number of Consultancy firms (Perth and Adelaide). The following information is relating to a number of accounts presented in the Trial Balance of PM Consultants (post adjustments) for the year ending 30th June 2020.

Accounts	$
Accounts payable	85 000
Telephone expense	35 000
Service revenue	850 000
Buildings	650 000
Office equipment	18 000
Cash at Bank	71 020
Advertising expense	28 000
Accounts receivable	108 000
Salaries & Wages	250 000
Mortgage payable	900 000
Office supplies	38 000
Capital	400 000
Office materials expense	137 565
Drawings	67 500
Land	360 000
Rent expense	59 500
Utilities (gas/water, etc.)	45 600

Required:

From the information provided, prepare the Income Statement for PM Consultants.