Income statement preparation On December 31, 2019, Cathy Chen, a self-employed certified public accountant (CPA), completed her first full year in business During the year, she charged her clients $366,000 for her accounting services. She had two employees, a bookkeeper and a clerical assistant. In addition to her monthly salary of $8,030, Ms. Chen paid annual salaries of $48,400 and $36,300 to the bookkeeper and the clerical assistant, respectively. Employment taxes and benefit costs for Ms. Chen and her employees totaled $34,000 for the year. Expenses for office supplies, including postage. totaled $10,800 for the year. In addition, Ms. Chen spent $17,300 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 $15,300 for the year. During the year, Ms. Chen paid interest of $14,800 on the $116,000 borrowed to start the business. She paid an average tax rate of 30% during 2019, a. Prepare an income statement for Cathy Chen, CPA, for the year ended December 31, 2019 b. Evaluate her 2019 financial performance