Which of the following is not part of the income statement?

The income statement is a financial document primarily focused on summarizing a company's revenues and expenses over a specific period, ultimately determining net income or loss. The three key components of an income statement include:

1. Revenue: This reflects the total income generated from normal business operations, indicating how much money a company brings in before any deductions.

2. Expenses: These are the costs incurred in the process of generating revenue. They are subtracted from revenue to evaluate profitability.

3. Net income: This figure represents what remains after total expenses are deducted from total revenues. It shows the company's profitability over the reporting period.

In contrast, asset valuation falls outside the realm of the income statement. It is typically addressed in the balance sheet, which provides insights into a company's financial position at a specific point in time, including its assets, liabilities, and equity. Asset valuation involves assessing the worth of a company’s assets; thus, it is not part of the income statement's structure or purpose, which is solely to reflect operational performance and financial results.