Prepare an income statement using the Exhibit 4 format.

The Black Beach Motel (BBM) has three operated departments-rooms, food, and gift shop The following information is supplied to you as of December 31, 20 X1 1. The BBM invested exist100,000 on April 1, 20X1, in a certificate of deposit earning an annual rate of 8 percent. 2. The beginning and ending inventories of food were exist4,000 and exist6,000 respectively. Food consumed by the department employees during the year (free of charge) was as follows: 3. Benefits and payroll taxes for all employees, excluding free food, are 25 percent of gross salaries and wages. 4. The BBM pays an average of 30 percent of its pretax income to the various governmental units in the form of income taxes. 5. The management fee to be paid to the management company is 5 percent of total sales and 8 percent of total income before management fees and fixed charges. Prepare a summary income statement for 20X1 for the Black Beach Motel based on the format of Exhibit 4