Nicole forecasts the following amounts for the first year of operations, ending December $31,2020$: cash on hand and in the bank, $$2,150$; amounts due from customers from spa treatments, $$1,780$; building and equipment, $$70,000$; amounts owed to beauty supply outlets for spa equipment, $$4,660$; notes payable to a local bank, $$38,870.$

Cash dividends of $$2,000$ will be paid to the shareholders during the year. Nicole also forecasts that first$-$year sales revenues will be $$40,000,$ wages will be $$24,000,$ the cost of supplies used up will be $$7,000,$ selling and administrative expenses will be $$5,000,$ and income taxes will be $$1,600.$

Required:

Based on Nicole's estimates, prepare a $($forecasted$)$ income statement for Nicole's Getaway Spa for the year ended December $31.2020.$

$\backslash$table$[[$NICOLE$\text{'}$ S GETAWAY SPA$],[$Income Statement $($forecasted$)],[$For the Year Ended December $31,2020,],[$Expenses$,],[,],[,],[,],[,],[,],[,],[$Total expenses,$]]$