GHI Architects (Partnership of George, Helen, and Ian):

• Revenue: $600,000
• Cost of Goods Sold (COGS): $0 (service-based)
• Rent Expense: $25,000
• Salaries and Wages: $250,000
• Office Supplies: $7,000
• Utilities Expense: $9,000
• Other Operating Expenses: $18,000
• Interest Expense: $2,500
• Other Income: $4,000
• Income Tax Expense: $60,000

Prepare the profit and loss account and calculate the net income for GHI Architects.