The following information is for Kon Inc. for the year ended December 31, 2015:

Common shares, Jan......................................................1 $20,000

Common shares issued during year.........................................10,000

Retained earnings, Jan. ....................................................1 58,000

Office expense..................................................................1,600

Dividends........................................................................5,000

Rent expense...................................................................12,400

Service revenue................................................................61,000

Utilities expense.................................................................2,400

Salaries expense...............................................................30,000

Income tax expense............................................................3,000

Instructions

Prepare an income statement and statement of changes in equity for the year.