On January 1, 2020, Donna Cochran invested $20,000 in Donna's Antiques. During 2020,
Donna withdrew $11,000 for personal use. Donna's Antiques reports the following balances on
December 31, 2020:
Accounts receivable
$10,000
Accounts payable
6,200
Depreciation expense
3,200
Service revenue
29,750
Land
20,000
Travel expense
2,900
Building
85,000
Note payable
12,800
Supplies
1,000
Donna Cochran, Capital Jan 1, 2020
90,000
Salary expense
6,650
Cash
14,400
Supplies expense
4,000
Postage expense
1,600
Unearned Service Revenue
1,000
Prepare an income statement for the year ended December 31, 2020: