The assets, liabilities, and equities of Rapid Design Studio have the following balances at December 31, 2025. The Retained Earnings was $33,300 at the beginning of the year. At year end, Common Stock was $15,000 and Dividends were $54,400. 

Prepare the income statement for Rapid Design Studio for the year ending December 31, 2025.

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Notes Payable Rent Expense Cash Supplies Salaries Expense Property Tax Expense $ 10,900 23,000 3,600 4,500 65,000 1,500 Office Furniture Utilities Expense Accounts Payable Service Revenue Accounts Receivable Miscellaneous Expense $ 49,000 6,900 3,200 158,300 8,600 4,200