The revenues and expenses of Up-in-the-Air Travel Service for the year ended April 30, 20Y7, follow:
Fees earned $742,000
Office expense 308,000
Miscellaneous expense 10,000
Wages expense 490,000
Prepare an income statement for the year ended April 30, 20Y7. Be sure to complete the statement heading. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. A colon (:) will automatically appear if it is required.