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 $960,000 Sales revenue 4,500 Investment revenue (409,500) Cost of merchandise sold (150,000) Selling expenses (210,000) Administrative expense (15,000 Interest expense 180,000 Income before special items Special items (45,000) Loss on disposal of component of the business (60,000) Major casualty loss (extraordinary item) 18,750 Net federal income tax liability Net income Required