Income statement preparation On December 31, 2019. Cathy Chen, a seff-mployed certified public accountant (CPA), completed her frat full year in business. During the year, she charged her cients 5355,000 for her accounting services. She had two employees, a bookkeeper and a clerical assistant. In addition to her monthly salary of $7,970, Ms. Chen paid annual salaries of $48,200 and $36,000 to the bookkeeper and the derical assistant, respectively Employment laxes and benefit costs for Ms. Chen and her employees totaled $34,100 for the year Expenses for office supplies, including postage, totaled $10,500 for the year, In addition, Ms. Chen spent $16,700 during the year on tax-deductible trayel and entertainment associated with client visits and new business developenent. Lease payments for the office space rented (a tax-deductible expense) were $2,650 per manth Depreciation expense on the office furniture and fixtures was $15,200 for the year. During the year. Ms. Chen paid laterest of $14,900 on the $118,000 borrowed to start the business. Stie 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. Complete the fragment of the income statement for Cathy Chen below (Select the correct account from the drop-down menu and round to the nearest dollar)