Pronghorn Company owns and operates 15 planes that deliver packages worldwide. The planes were purchased on January 1, 2014, for $970,000 each. The company estimates that the planes will be scrapped after 12 years. Pronghorn uses straight-line depreciation.

Assume that in a typical year the company generates sales of $48,500,000 and operating expenses (excluding depreciation expense) of $24,700,000. Prepare an income statement for a typical year (exclude depreciation expense).