Income statement preparation On December 31, 2019, Cathy Chen, a self-employed certified public accountant (CPA), completed her first full year in business. During the year, she charged her clients $ 360 comma 000 for her accounting services. She had two employees, a bookkeeper and a clerical assistant. In addition to her monthly salary of $ 8 comma 000, Ms. Chen paid annual salaries of $ 48 comma 000 and $ 36 comma 000 to the bookkeeper and the clerical assistant, respectively. Employment taxes and benefit costs for Ms. Chen and her employees totaled $ 34 comma 600 for the year. Expenses for office supplies, including postage, totaled $ 10 comma 400 for the year. In addition, Ms. Chen spent $ 17 comma 000 during the year on tax-deductible travel and entertainment associated with client visits and new business development. Lease payments for the office space rented (a tax-deductible expense) were $ 2 comma 700 per month. Depreciation expense on the office furniture and fixtures was $ 15 comma 600 for the year. During the year, Ms. Chen paid interest of $ 15 comma 000 on the $ 120 comma 000 borrowed to start the business. She paid an average tax rate of 30 % during 2019. a. Prepare an income statement for Cathy Chen, CPA, for the year ended December 31, 2019. b. Evaluate her 2019 financial performance.