Stacey's Piano Rebuilding Company has been operating for one year. At the start of the second year, its income statement accounts had zero balances and its balance sheet account balances were as follows:

Cash $7,000 Accounts payable $9,500
Accounts receivable 30,100 Unearned revenue 3,640
Supplies 1,500 Long-term note payable 47,500
Equipment 9,700 Common stock 196
Land 8,200 Retained earnings 14,460
Building 27,200 Additional paid-in capital 784

a. Rebuilt and delivered five pianos in January to customers who paid $18,800 in cash.

b. Received a $570 deposit from a customer who wanted her piano rebuilt.

c. Rented a part of the building to a bicycle repair shop; received $900 for rent in January.

d. Received $7,800 from customers as payment on their accounts.

e. Received an electric and gas utility bill for $480 to be paid in February.

f. Ordered $950 in supplies. Paid $1,940 on account in January.

g. Received from the home of Stacey Eddy, the major shareholder, a $980 tool (equipment) to use in the business in exchange for 150 shares of $1 par value stock.

h. Paid $14,800 in wages to employees who worked in January.

i. Declared and paid a $2,000 dividend (reduce Retained Earnings and Cash).

j. Received and paid cash for the supplies in (f).

Required:

Prepare an income statement for January 31 (ignore income taxes).