Tom West is a land surveyor who operates a small surveying company, performing surveys for both residential and commercial clients. He has a staff of surveyors and engineers who are employed by the firm. For the year ending December 31, 2017, he reported these income and expenses. Using this information, construct an income statement to reflect his net income for 2017.

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Service income Surveyor salary Supplies and materials Utilities Office rent Administrative expenses $850,000 124,000 32,000 14,000 24,000 115,000