(L03) Starr Co. had sales revenue of $540,000 in 2017. Other items recorded during the year were:

Cost of goods sold $330,000 Salaries and wages expense 120,000 Income tax expense 25,000 Increase in value of company reputation 15,000 Other operating expenses 10,000 Unrealized gain on value of patents 20,000 Prepare a single-step income statement for Starr for 2017. Starr has 100,000 shares of stock outstanding.