Kimberly Young runs an outdoor adventure company called Crane Ltd. Her busiest months are June through September, although, if the weather holds, she extends her excursions into October and November. For the month of July, she recorded the following items: 1. She paid $51,800 for employee wages and spent $16,500 on advertising. 2. Customers paid her $174,600 for excursions that took place in July (use Service Revenue account) and $21,000 in deposits for trips scheduled in August and September. 3. She used supplies in July that cost $25,800. 4. She spent $1,532 on the utilities for the office and $3,460 on gas and repairs on the vehicles (use Operating Expenses account). (a) Prepare a statement of income to determine how much Crane Ltd. earned in July
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