Mom and Pop, Inc is 100% owned by John and his wide Melinda. What is the valuation of the company using the income approach?

Table 2 Summary of Income Statements for Mom and Pop, Inc. ************ **************************************************** 2019 2015 $527,000 2016 $589,000 2017 $ 754,959 2018 $695,000 Sales $715,666 Compensation of officers Salaries and wages Repairs and maintenance Rents Interest Depreciation Advertising Pension and profit sharing Other expenses Automobile and truck expense Legal and professional Total expenses $150,000 $141,110 $15,000 $36,000 $14,000 $40,000 $2,000 $2,582 $25,000 $3,681 $1,990 $431,363 $160,000 $143,067 $20,000 $38,000 $13,650 $40,000 $2,200 $5,926 $22,000 $8,377 $5,080 $458,300 $175,000 $185,000 $ 16,000 $40,000 $13,300 $40,000 $2,300 $4,864 $21,000 $22,117 $180,000 $190,000 $28,000 $40,000 $12,950 $0 $2,400 $185,000 $195,010 $45,000 $40,000 $12,740 $0 $2,500 $1,735 $21,500 $16,379 $6,761 $526,625 $20,000 $10,165 $33,999 $517,514 $519,581 Ordinary Business income $95,637 $130,700 $235,378 $177,486 $189,041 Table 2 Summary of Income Statements for Mom and Pop, Inc. ************ **************************************************** 2019 2015 $527,000 2016 $589,000 2017 $ 754,959 2018 $695,000 Sales $715,666 Compensation of officers Salaries and wages Repairs and maintenance Rents Interest Depreciation Advertising Pension and profit sharing Other expenses Automobile and truck expense Legal and professional Total expenses $150,000 $141,110 $15,000 $36,000 $14,000 $40,000 $2,000 $2,582 $25,000 $3,681 $1,990 $431,363 $160,000 $143,067 $20,000 $38,000 $13,650 $40,000 $2,200 $5,926 $22,000 $8,377 $5,080 $458,300 $175,000 $185,000 $ 16,000 $40,000 $13,300 $40,000 $2,300 $4,864 $21,000 $22,117 $180,000 $190,000 $28,000 $40,000 $12,950 $0 $2,400 $185,000 $195,010 $45,000 $40,000 $12,740 $0 $2,500 $1,735 $21,500 $16,379 $6,761 $526,625 $20,000 $10,165 $33,999 $517,514 $519,581 Ordinary Business income $95,637 $130,700 $235,378 $177,486 $189,041