Nicole Mackisey is thinking of forming her own spa business, Nicole's Getaway Spa (NGS). Nicole expects that she and two family members will each contribute $11,000 to the business and receive 1,000 shares each. Nicole forecasts the following amounts for the first year of operations, ending December 31,2021 ; Cash on hand and in the bank, $3,050; amounts due from customers from $pa treatments, $1,870; bullding and equipment, $79,000; amounts owed to beauty supply outlets for spa equipment, $4,750; notes payable to a local bank for $39,770. Cash dividends of $4,000 will be paid to the stockholders during the year, Nicole also forecasts that first-year sales revenues will be $62,400; wages will be $28,500; the cost of supplies used up will be $11,500; affice expenses will be $9,500; and income taxes will be $2,500. Required: 1. Based on Nicole's estimates, prepare a (forecasted) income statement for Nicole's Getaway Spo for the year ended December 31. 2021