Prepare the income statement for Damon Design Studio for the year ending December 31, 2018.
The assets, liabilities, and equities of Damon Design Studio have the following balances at December 31, 2018. The retained earnings was $39,000 at the beginning of the year. At year end, common stock was $13,000 and dividends were $57,000.

Notes Payable Rent Expense Cash Office Supplies Salaries Expense Property Tax Expense $ 14,000 Office Furniture 23,000 Utilities Expense 3,200 Accounts Payable 5,100 Service Revenue 65,000 Accounts Receivable 2,200 Miscellaneous Expense $ 48,400 7,200 3,600 154,600 9,300 3,800