On December 31,2022 Pack-and-Deliver Company completed its first year of operations. The following information has been provided for the year: a. Sold packing supplies for $32,000 and provided $285,000 of delivery services. b. All packing supplies sales were for cash. c. Collected $214,000 of delivery service revenue. d. Paid $17,000 cash to rent packing equipment, with $12,000 for rental in 2022 and the remaining amount for rental 2023 . e. Spent $6,000 cash to repair delivery equipment during the year. f. Bought packing supplies at a total cost of $48,000 and paid for $27,000 of these supplies. There were $22,000 of these supplies that have not yet been sold or used. g. Paid employees $82,000 during the year. h. Paid $18,000 for advertising for the year. i. Used $16,000 in fuel for the delivery equipment. j. Sold investments for $10,000 that had been purchased earlier in the year for $9,000. k. Ordered $500 in spare parts and supplies. I. Income tax expense for the year is $20,000. Required: Prepare an income statement for Pack-and-Deliver Company for the year ended December 31,2022 . Advertising expense should be considered part of general and administrative expenses