The general ledger of the Fly-Buy-Nite (FBN) Engineering Company contained the following account balances. Construct an income statement. What is the net income before taxes and the net profit (or loss) after taxes? FBN has a tax rate of 35%.

Administrative expenses Subcontracted services Development expenses Interest expense Sales revenue Selling expenses Amount ($1000s) 2,750 15,000 900 200 35,000 4,500 17-30 17-3