Assume that you are the president of Influence Corporation. At the end of the first year (December 31) of operations, the following financial data for the company are available:

Cash	$ 14,900
Receivables from customers (all considered collectible)	11,600
Inventory of merchandise (based on physical count and priced at cost)	30,500
Equipment owned, at cost less used portion	69,500
Accounts payable owed to suppliers	32,900
Salary payable (on December 31, this was owed to an employee who will be paid on January 10)	1,850
Total sales revenue	107,000
Expenses, including the cost of the merchandise sold (excluding income taxes)	72,000
Income tax expense at 25% pretax income; all paid during December of the current year	?
Common stock at the end of the current year	65,500

No dividends were declared or paid during the current year. The beginning balances in Common Stock and Retained Earnings are zero because it is the first year of operations.

Required:

1. Prepare a summarized income statement for the year.