Below is the balance sheet for a store at the end of the first year, Balance Sheet (December 31, 20x0) Cash Rent Deposit Inventory Total Assets $14,200 $5,000 $21,000 $40,200 Loans Payable Total Liabilities Stock Retained Earnings Total Equity Total Liab. and Equity $9,500 $9,500 $25,000 $7,000 $32,000 $41,500 Transactions (January 1 - March 31, 20x1) Description Product Purchased Receipts from sales Advertising/Promotion Payroll Expense Other Expense Loan Payment Revenue Gross Margin Advertising/Promotion Payroll Expense Other Expense Show the income statement for the quarter. You will need to calculate tax at 30%. Total Expenses Profit Before Taxes Amount Cost of Goods Sold (4,300x $12) $0 Taxes (@ 30%) $48,600 Profit After Taxes $107,500 $12,000 $25,000 $10,000 $1,000 0 Sample Store Income Statement Quarter Ended March 31, 20x1 $0 Comment 0 2,500 tops and 1,550 pants 4,300 units at average cost of $12 each increased promotion includes taxes and benefits includes $1,000 in shrinkage principal reduction 0 A $0 0 0 $0 0 : :