Lynn Construction Company had a gross income of $$150,000$ in tax$-$year one, $$50,000$ in salaries,

$$30,000$ in wages, $$8000$ in depreciation expenses, a loan principal payment of $$2,000$ and a loan

interest payment of $$2,100.$ Create an Income Statement and determine the net income of the

company in tax$-$year one.

Hint: Create a category for the Cost of Goods Sold and use Slide $35$ of Chapter $8$ Presentation to

determine the tax bracket.