Question 1: [5 marks) Presented below is an income statement for Naser Company for the year ended December 31, 2020. Naser Company Income Statement For the Year Ended December 31, 2021 Net sales $750,000 Costs and expenses: Cost of goods sold 440,000 Selling, general, and administrative expenses 70,000 Other Income & Expenses 15,000 Income before income taxes 225,000 Additional information: 1. "Selling, general, and administrative expenses" included a charge of $5,000 for loss on sale of furniture. 2. "Other Income & Expenses" consisted of the following items, all before tax: interest expense $6,000, a discontinued operations loss of $18,000, and rent revenues $39,000 3. Tax rate 15% 4. Naser had 100,000 ordinary shares outstanding during 2021. Instructions Prepare a corrected income statement, including the appropriate per share disclosures. Then answer the following questions. # Question Answer 1 Income from operations for 2021, is: 2 Income before income tax for 2021, is: 3 Income tax for 2021. is: 4 Income from continuing operations for 2021, is: 5 Net income for 2021, is: Naser Company Income Statement For the Year Ended December 31, 2021