Page 4. Problems: 60 points (15 points each) Please show your work! 1. Turps, Inc. had sales in 2014 ofs7 million. The common stockholders rco S400,000 Interest cost of goods sold was $1,500,000. Using the Tax Rates found in Questiori ividends and preferred stockholders were paid $200,000. #1 expense was $900,000 while ing expenses totaled $1,600,000, and .? of the Multiple Choice questions above, what is the tax liability of Turps, Inc 2. Prepare an income statement using the information below. Make sure to identify gross profit operating income, net income and addition to retained earnings. Inventories Cost of Goods Sold Administrative Expenses Accumulated Den S 50,000 1,000,000 4000