ARRANGEMENT OF THE INCOME STATEMENT. Powers Wrecking Service demolishes old buildings and other structures and sells the salvaged materials. During 19x3 Powers had $400,000 of revenue from demolition services and $137,000 of revenue from salvage sales. Powers also had $1,500 of interest revenue from investments.

Powers incurred $240,000 of wages expense, $24,000 of depreciation expense, $50,000 of fuel expense, $84,000 of rent expense, $17,000 of miscellaneous expense, and

$25,000 of income taxes expense.

REQUIRED:

Prepare an income statement for Powers Wrecking Service for 19x3.