Prepare the statement of income of the Total U.S. Property/Casualty Insurance Industry with the below information. Also show your calculation at the end. The total amount of premium earned is $800,000,000. The loss incurred and loss adjustment expenses incurred are $300,000,000 and $60,000,000 respectively. Other underwriting expenses incurred is $130,000,000. And finally aggregate write- ins for underwriting deductions are $2,000,000. The amount of investment income and other income are $60,000,000 and $3,000,000 respectively. If the Property/Casualty Insurance Industry paid 4,000,000 as dividend to policyholders and 5,000,000 as federal and foreign income taxes, what's the value of net income? A sample of the statutory income statement for the industry as of Decembe presented in Table 4." TABLE 420 Statement of Income, Income Section: Total U.S. Property/Casualty Industry SNL Briefing Book-U.S. 2011 Statutory Financials, NAIC Format (U Line Description 1. Premiums earned 2. Losses incurred 3. Loss adjustment expenses incurred 4. Other underwriting expenses incurred 5. Aggregate write-ins for underwriting deductions 6. Total underwriting deductions 8. Underwriting income 9. Net investment income earned 10. 11. Net realized capital gains (losses) less capital gains tax Investment income 12. 13. Net gain (loss) from agents' or premium balances charged off Finance and service charges not included in premiums 14. 15. 16. 17. 19. Aggregate write-ins for miscellaneous income Other income Net Income before dividends to policyholders and federal/foreign income tax Dividends to policyholders Federal and foreign income taxes incurred 20. Net income CS Candicer