ABC Legal Services provides legal consulting services. The company's financial data for 2023 is as follows:

Ledgers:

• Billable Hours: 50,000 hours
• Hourly Rate: $200
• Salaries and Benefits: $3,000,000
• Rent Expense: $500,000
• Utilities Expense: $100,000

Requirements:

• Calculate ABC Legal Services' total service revenue for 2023.
• Prepare the company's income statement for the year ended December 31, 2023.
• Determine the Contribution Margin and Operating Profit.
• Discuss ways ABC Legal Services can enhance profitability through pricing strategies.