ABM Corporation experienced the following transactions during the year ended December 31, 20X8:

a. ABM sold products for $53 billion. Company management believes the value of these products is approximately $80 billion. Other revenues totaled $40 billion.

b. It cost ABM $36 billion to manufacture the products ABM sold. If ABM had purchased the products instead of manufacturing them, ABM's cost would have been $42 billion.

c. All other expenses, excluding income taxes, totaled $27 billion for the year. Income tax expense was 40% of income before tax.

d. ABM has several operating divisions. Each division is accounted for separately to show how well each division is performing. At year end, ABM combines the statements of all the divisions to report on the company as a whole.

e. Inflation affects ABM's cost to manufacture goods. To show the effects of inflation, the company's net income would drop by $3 billion.

f. If ABM were to go out of business, the sale of company assets should bring in $65 billion in cash.

Required

Prepare ABM Corporation's income statement for the year ended December 31, 20X8.