Bramble Construction Ltd. reported the following information related to its shareholders' equity on January 1, 2024, the first day of its fiscal year.

$0.50-noncumulative preferred shares, unlimited number of shares authorized, 120,000 shares issued		$1,320,000
Common shares, unlimited number of shares authorized, 1,320,000 shares issued		3,986,600
Retained earnings		592,200

During the year, the following transactions relating to shares occurred.

1.		May 15, 2024, issued 4800 preferred shares with a fair value of $11.50 per share for cash.
2.		Purchased a Caterpillar bulldozer on June 5, 2024 in exchange for a cash payment of $18,000 and issued 108000 common shares with an estimated fair value of $3.15 per share. The fair value of the bulldozer was unavailable.
3.		On June 30, 2024, issued 5280 preferred shares in exchange for legal services (Legal Fees Expense) in the amount of $66000. The preferred shares had an estimated fair value of $11.60 on June 30, 2024.
4.		November 30, 2024 declared and paid $54200 of dividends to the preferred shareholders.

The following operating information was provided for the year:

Service revenue		$960000
Operating expenses		234000
Miscellaneous expense		78000
Office expense		156,000
Interest expense		12,000
Income tax paid in instalments		130800
Income tax rate		30	%

Bramble Construction Ltd. follows ASPE.

Prepare a corporate income statement for the year ended December 31, 2024. BRAMBLE CONSTRUCTION LTD. Income Statement $ $