In 2024, Cullumber Inc. sold 14,500 units of its product at an average price of $390 per unit. Cullumber purchased 19,400 units of its product from its manufacturing supplier in 2024, at an average cost of $200 per unit. Operating expenses (excluding depreciation) for Cullumber Inc. in 2024 were $418,000 and depreciation expense was $147,000. Cullumber had $1,020,000 in debt outstanding for the full year, at an interest rate of 10 percent. Finally, Cullumber's tax rate was 20 percent. Cullumber's fiscal year runs from January 1 through December 31. Given this information, prepare Cullumber's 2024 statement of income