On December 31, 2015, Cathy Chen, a self-employed certified public accountant (CPA), completed her first full year in business. During the year, she billed exist360,000 for her accounting services. She had two employees, a bookkeeper and a clerical assistant. In addition to her monthly salary of exist8,000, Ms. Chen paid annual salaries of exist48,000 and exist36,000 to the bookkeeper and the clerical assistant, respectively. Employment taxes and benefit costs for Ms. Chen and her employees totaled exist34, 600 for the year. Expenses for office supplies, including postage, totaled exist10, 400 for the year. In addition, Ms. Chen spent exist17,000 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 exist2, 700 per month. Depreciation expense on the office furniture and fixtures was exist15, 600 for the year. During the year, Ms. Chen paid interest of exist15,000 on the exist120,000 borrowed to start the business. She paid an average tax rate of 30% during 2015. a. Prepare an income statement for Cathy Chen, CPA, for the year ended December 31, 2015. b. Evaluate her 2015 financial performance