The following selected accounts and account balances were taken from the records of Nowell Company. Except as otherwise indicated, all balances are as of December 31, 2018, before the closing entries were recorded.

Consulting revenue$10,200Cash7,500Cash received from common stock issued during 20173,100Travel expense450Dividends1,300Cash flow from investing activities2,800Rent expense1,300Payment to reduce debt principal24,900Retained earnings, January 1, 201814,600Salary expense3,200Cash flow from operating activities2,350Common stock, December 31, 20188,100Other operating expenses2,200

Required

1. Prepare the income statement Nowell would include in its 2018 annual report.