Lynn Construction Company had a gross income of $150,000 in tax-year one, $50.000 in salaries, $30,000 in wages, $8000 in depreciation expenses, a loan principal payment of $2,000 and a loan interest payment of $2,100 Create an Income Statement and determine the net income of the company in tax-year one Hint Create a category for the Cost of Goods Sold and use Slide 35 of Chapter 8 Presentation to determine the tax bracket INCOME STATEMENT Gross Income 150,000 Expenses: Cost of Goods Sold Depreciation 8,000 Interest Expenses 2,100 Taxable Income Income Tax Net Income 49,925