Branson Electronics Company is a small, publicly traded company preparing its first quarter interim report to be malled to shareholders. The following information for the quarter has been compiled: Fixed operating expenses include payments of $54.000 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 20%, but management estimates the effective rate for the entire year will be 25%. Required: Required: Prepare the income statement to be included in Branson's first quarter interim report