ABC Law Firm (Partnership of Alice, Bob, and Charlie):

• Revenue: $500,000
• Cost of Goods Sold (COGS): $0 (service-based)
• Rent Expense: $24,000
• Salaries and Wages: $200,000
• Office Supplies: $5,000
• Utilities Expense: $6,000
• Other Operating Expenses: $15,000
• Interest Expense: $2,000
• Other Income: $3,000
• Income Tax Expense: $50,000

Prepare the profit and loss account and calculate the net income for ABC Law Firm.