Brarson Electropics Company is a small, publiciy traded company peeparing its first quarter interim report to be mailed to shareholders. The following information for the quarter has been compited: Fixed operating expenses include payments of $52.400 to an ativertising 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: Prepare the income statement to be included in Eranson's first quarter interim report