Income statement preparation: On December 31, 2020, Barbara Pimentel, a self-employed certified public accountant (CPA), completed her first full year in business. During the year, she charged her clients $360,000 for her accounting services. She had two employees, a bookkeeper and a clerical assistant. In addition to her monthly salary of $7,990, Ms. Pimentel paid annual salaries of $48,300 and $35,500 to the bookkeeper and the clerical assistant, respectively. Employment taxes and benefit costs for Ms. Pimentel and her employees totaled $34,600 for the year. Expenses for office supplies, including postage, totaled $10,400 for the year. In addition, Ms. Pimentel spent $16,500 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 $2,660 per month. Depreciation expense on the office furniture and fixtures was $16,000 for the year. During the year, Ms. Pimentel paid interest of $14,900 on the $123,000 borrowed to start the business. She paid an average tax rate of 30% during 2020. Prepare an income statement for Barbara Pimentel, CPA, for the year ended December 31, 2020. Complete the portions of the income statement for Barbara Pimentel below. Round to the nearest dollar. Barbara Pimentel, CPA Income Statement for the Year Ended December 31, 2020 Sales revenue tA Less: Operating Expenses SalariesEmployment taxes and benefits $ Supplies $ Travel and entertainment $ Lease payment $ Depreciation expense $ Total operating expense $ Operating profits (EBIT) $ Interest expense $ Net profits before taxes $ Taxes $ Net profits after taxes $