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 $ 182,000 Cost of goods sold 36,000 Operating expenses: Fixed $ 60,000 Variable 49,000 109,000 Fixed operating expenses include payments of $51,000 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 36%, but management estimates the effective rate for the entire year will be 40%. Required: Prepare the income statement to be included in Bransons first quarter interim report.