Emily's Bakery:

• Revenue: $250,000
• Cost of Goods Sold (COGS): $120,000
• Rent Expense: $15,000
• Wages Expense: $40,000
• Utilities Expense: $5,000
• Other Operating Expenses: $8,000
• Interest Expense: $1,000
• Other Income: $2,000
• Income Tax Expense: $12,000

Prepare the profit and loss account and calculate the net income for Emily's Bakery.