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: $ 212,000 51,800 Revenues Cost of goods sold Operating expenses: Fixed Variable $ 75,000 64,000 139,000 Fixed operating expenses include payments of $66,000 to an advertising firm to promote Branson through various media throughout the year. The income tax rate for Branson's level of operations in the first quarter is 36%, but management estimates the effective rate for the entire year will be 40%. Required: Prepare the income statement to be included in Branson's first quarter interim report