Starr Co. had sales revenue of $540,000 in 2014. Other items recorded during the year were:
Cost of goods sold ..................................................... $330,000
Salaries and wages expense .......................................... 120,000
Income tax expense ................................................... 25,000
Increase in value of company reputation ........................... 15,000
Other operating expenses ............................................. 10,000
Unrealized gain on value of patents ................................. 20,000
Prepare a single-step income statement for Starr for 2014. Starr has 100,000 shares of stock outstanding.