Home Realty, Incorporated, has been operating for three years and is owned by three investors. J. Doe owns 60 percent of the 14,000 total outstanding shares and is the managing executive in charge. On December 31, 2020, the following financial items for the entire year were determined: sales revenue, $294,000; selling expenses, $170,520; interest expense, $8,800; promotion and advertising expenses, $11,500; and income tax expense, $36,110. Also during the year, the company declared and paid the owners dividends amounting to $16,800. Required: Prepare the companys income statement.