Starr Co. had sales revenue of $540,000 in 2012. 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 2012. Starr has 100,000 shares of stock outstanding.