Question 5 -Week 2 shown below is an income statement for 2010 that was prepared by a poorly trained bookkeeper of Howell Corporation. Howell Corporation INCOME STATEMENT December 31, 2010 Sales revenue $960,000 Investment revenue 4,500 Cost of merchandise sold 409,500 Selling expenses (150,000) Administrative expense (210,000) Interest expense Income before special items 180,000 Special items Loss on disposal of a component of the business (45,000) Major casualty loss (extraordinary item) (60,000) Net federal income tax liability Net income Required