1.Tim Allen Co. had sales revenue of $540,000 in 2004. Other items recorded during the year were:
Cost of goods sold $320,000
Wage 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 Allen for 2004. Allen has 100,000 shares of stock outstanding.