Today is December $30,2022.$ We will start a door handle manufacturing company. To start the company we needed $$20,000$ to purchase equipment. $$We need $$5,000$ for operating funds. $$Thus to start the company we needed a total of $$25,000.$ We obtained the$$money to start the business by investing $$15,000$ from our pocket and by borrowing the$$remaining $$10,000$ at a $5$ percent simple interest rate. In addition to paying the interest$$payments on the loan each year, we will pay off $$1,000$ of the amount that we owe on the$$loan each year $($the first payment on the loan will be made one year from today$).$

The firm will sell $400,000$ door handles each year at a price of $$3\mathrm{.}00$ each. Cost of producing the door handles will be $$2\mathrm{.}00$ each. In addition, sales and administrative expenses will be $$0\mathrm{.}20$per stapler. All sales are cash sales. All operating expenses are cash operating expenses. The equipment will wear out buy $$2,000$ per year. The company is in a $10$ percent tax bracket. $$One$-$half of the firm$$s net income will be paid out to the owners as a dividend and the other one$-$half of the firm's net income will be retained within the firm.

Create an Income Statement for the year ending$$December $31,2023.$