During January 2018, the first month of operations, a consulting firm had following transactions: 1. Issued common stock to owners in exchange for $16,000 cash. 2. Purchased $4,000 of equipment, paying $800 cash and signing a promissory note for $3,200. 3. Received $7,200 in cash for consulting services performed in January. 4. Purchased $1,200 of supplies on account; all of the supplies were used in January. 5. Provided consulting services on account in the amount of $12,800. 6. Paid $600 on account. 7. Paid $2,400 to employees for work performed during January. 8. Received a bill for utilities for January of $2,700; the bill remains unpaid. What is the total expenses that will be reported on the income statement for the month ended January 31?