?E$4-10($Algo$)$ ?Determining Adjusted Income Statement Account Balances $[$LO $4-1,$ ?LO $4-2]$

Partial comparative income statements are presented below for Commonplace Corporation.

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COMMONPLACE CORPORATION

$($Partial$)$ ?Income Statements

For the Years Ended December $31$

? $20212020$

Service Revenue $$722,000$ ?$$747,000$

Utilities Expense $37,00032,500$

Salaries and Wages Expense $422,000477,000$

Rent, Insurance, and Supplies Expense $180,000167,500$

Depreciation and Amortization Expense $25,50012,500$

Income before Income Tax Expense $$57,500$ ?$$57,500$

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The company$$s manager provides the following additional information:

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The company received a bill for $$4,100$ ?of electricity and other utility services used in December $2021,$ ?but recorded it only when paid in January $2022.$

A customer$$s $$23,500$ ?payment was received and included as service revenue on January $2,2021,$ ?even though it was for services performed in December $2020.$

The company ordered $$13,500$ ?of supplies in December $2021,$ ?but only recorded them when they were received, used, and paid for in January $2022.$

The company did not record December $2019$ ?salaries of $$47,000$ ?until the employees were paid on January $2,2020.$ ?Salaries for December $2020$ ?and December $2021$ ?were recorded in the proper years.

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Required:

Using the above information, revise the comparative income statement to report the proper amounts for each year. $($Assume all other transactions and events, such as income taxes, have been properly recorded but are just not displayed on the partial income statements.$)$