S1-12 Elegant Arrangements Corporation has just completed operations for the year ended

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S1-12 Prepare the income statement [10 min]Elegant Arrangements Corporation has just completed operations for the year ended
December 31, 2012. This is the third year of operations for the company. As the soleshareholder,
you want to know how well the business performed during the year. To
address this question, you have assembled the following data:

Insurance expense $4,000 Salary expense $42,000
Service revenue 74,000 Accounts payable 6,800
Supplies expense 1,100 Supplies 2,100
Rent expense 13,000 Dividends 3,900

Requirement
1. Prepare the income statement of Elegant Arrangements Corporation for the year
ended December 31, 2012.