Branson Electronics Company is a small, publicly traded company preparing its first quarter interim report to be mailed to shareholders. The following information for the quarter has been compiled:

Revenues				$	190,000
Cost of goods sold					40,000
Operating expenses:
Fixed	$	64,000
Variable		53,000			117,000

Fixed operating expenses include payments of $55,000 to an advertising firm to promote Branson through various media throughout the year. The income tax rate for Bransons level of operations in the first quarter is 30%, but management estimates the effective rate for the entire year will be 36%. Required: Prepare the income statement to be included in Bransons first quarter interim report.

BRANSON ELECTRONICS COMPANY Income Statement