(Solution) - The assets and liabilities of Leotard Travel Service at February -(2025 Original AI-Free Solution)

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The assets and liabilities of Leotard Travel Service at February 28, 2008, the end of the current year, and its revenue and expenses for the year are listed below. The capital of the owner, Harry Thompson, was $190,000 at March 1, 2007, the beginning of the current year.

Prepare an income statement for the current year ended February 28,2008.