Prepare an income statement for Verizon Communications Inc. for the year ended December 31, 2024, and calculate the income tax expense:

• Revenue: $22,000,000
• Cost of Goods Sold: $8,000,000
• Operating Expenses: $9,000,000
• Interest Expense: $600,000
• Tax Rate: 25%

Determine the net income after tax and discuss the tax implications.