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At January 1 (beginning of its fiscal year), Conover, Inc., a financial services consulting firm, reported the following account balances (in thousands of dollars, except number of shares and par value per share): $ Cash Short-term investments Accounts receivable Supplies Prepaid expenses Office equipment Accumulated depreciation-office equipment 1,940 Accounts payable 430 Unearned revenue 3,630 Salaries Payable 170 Short-term note payable 4,800 Common stock ($1 par value) 1,570 Additional paid-in capital (460) Retained earnings 230 1,360 910 800 52 6,658 2,070 a. Received $9,900 cash for consulting services rendered. b. Issued 10,040 additional shares of common stock at a market price of $122 per share. c. Purchased $680 of equipment, paying 25 percent in cash and owing the rest on a short-term note. d. Received $910 from clients for consulting services to be performed in the next year. e. Bought $510 of supplies on account. f. Incurred and paid $1,860 in utilities for the current year. g. Consulted for clients in the current year for fees totaling $1,660, due from clients in the next year. h. Received $3,380 from clients paying on their accounts. i. Incurred $6,250 in salaries in the current year, paying $5,360 and owing the rest (to be paid next year). j. Purchased $1,270 in short-term investments and paid $820 for insurance coverage beginning in the next fiscal year. k. Received $12 in interest revenue earned in the current year on short-term investments. Required: Prepare in good form an income statement for the current year ended December 31. (Ignore income taxes.) (Enter your answer in thousands, not in dollars.) CONOVER, INC. Income Statement Operating revenues: Total operating revenues Operating expenses: Total operating expenses Other item

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