Problem 3-2 Schedule C (LO 3.1) Margaret started her own business in the current year and will report a profit for her first year. Her results of operations are as follows: Gross income $45,000 Expenses: Travel $1,000 Contribution to Presidential Election Campaign $100 Transportation (5,380 miles evenly throughout the year, using standard mileage method) Entertainment in total $4,200 $450 Nine gifts at $50 each Rent and utilities for apartment in total $ 10,500 (25% is used for a home office) Complete the table below to determine the net income Margaret should show on her Schedule C. If an amount is zero, enter "O". If required, round the amounts to the nearest dollar. Gross income 45,000 Expenses: Travel Political contribution Transportation Entertainment Complete the table below to determine the net income Margaret should show on her Schedule C. If an amount is zero, enter "0". If required, round the amounts to the nearest dollar. Gross income 45,000 Expenses: Travel ta Political contribution Transportation Entertainment Gifts Rent and utilities Total expenses Taxable business income