The assets and liabilities of Express Travel Service at June 30, 2010, the end of the current year, and its revenue and expenses for the year are listed at the top of the following page. The capital of the owner, Janis Paisley, was $125,000 at July 1, 2009, the beginning of the current year.

Accounts payable          $ 12,000

Miscellaneous expense  $ 8,000

Accounts receivable         32,000

Office expense                111,000

Cash                                    78,000

Supplies                               6,000

Fees earned                    475,000

Wages expense              239,000

Land                                 150,000

Prepare an income statement for the current year ended June 30, 2010.