The Johns Company just completed its first year of operations on December 31, 2007. Net income for the year equals $120,000 and the after tax rate is 80%. Accumulated depreciation totaled $30,000 at year-end. Rent expense equals $12,000, supplies expense equals $2,000, and insurance expense is $6,000 for the year. The total cost for advertising, marketing, and selling equals $10,000. Year-end debt equals $2,000,000 on which a 5% interest rate is paid for the year. Net sales for the year is $600,000.

Based on the information presented, provide an income statement for Johns Company for the year.

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