The Wilson Motel has two major operated departments: rooms and food. The following information is supplied as of December 31, 2016

Account	Account Balance
Rooms Sales	380,000
Food Sales	180,000
Interest Income	1,000
Rooms Department Salaries and Wages	80,000
Supplies and Other Rooms Department	30,000
Food Department Salaries and Wages	60,000
Other Expenses Food Department	20,000
Food Purchase	55,000
Cost of Food Sold	?
Administrative and General Wages	50,000
Administrative and General Other Expense	10,000
Advertising	10,000
Maintenance Expense	30,000
Heat	15,000
Power and Lights	12,000
Property Taxes	12,000
Insurance (Fire)	5,000
Depreciation	50,000
Amortization of Franchise Fee	2,000
Interest Expense	?

Other information is as follows:

a. The Wilson Motel borrowed $50,000 on January 1, 2016, at 10 percent interest rate and no payment were made during 2016.

b. The beginning and ending inventories of food were $20,000 and $30,000, respectively. Food consumed by the Food and Rooms department employees during the year (free of charge) totaled $500 and $300, respectively.

c. Fringe benefits and payroll taxes for all employees, excluding free food, are 20 percent of gross salaries and wages.

d. The Wilson Motels average income tax rate is 25 percent of pretax income.

e. The management fee to be paid to the management company is 3 percent of room sales and 10 percent of total income before management fees and fixed changes.

Please prepare an income statement based on the USALI summary operating statement and show your calculation.