Income statement preparation On December 31, 2009, Cathy Chen, a self-employed certified public accountant (CPA), completed her first full year in business. During the year, she billed $ 360,000 for her accounting services. She had two employees: a bookkeeper and a clerical assistant. In addition to her monthly salary of $ 8,000, Ms. Chen paid annual salaries of $ 48,000 and $ 36,000 to the bookkeeper and the clerical assistant, respectively. Employment taxes and benefit costs for Ms. Chen and her employees totaled $ 34,600 for the year. Expenses for office supplies, including postage, totaled $ 10,400 for the year. In addition, Ms. Chen spent $ 17,000 during the year on tax- deductible travel and entertainment associated with client visits and new business development. Lease payments for the office space rented (a tax- deductible expense) were $ 2,700 per month. Depreciation expense on the office furniture and fixtures was $ 15,600 for the year. During the year, Ms. Chen paid interest of $ 15,000 on the $ 120,000 borrowed to start the business. She paid an average tax rate of 30% during 2009. a. Prepare an income statement for Cathy Chen, CPA, for the year ended December 31, 2009. b. Evaluate her 2009 financial performance