Prepare a 2017 income statement for Shanta Corporation based on the following information: Cost of goods sold Operating expenses Other expenses and losses $490,000 100,000 30,000 700,000 30% Sales revenue Tax rate SHANTA CORPORATION Income Statement For the Year Ended December 31, 2017 Solution Sales revenue 700000 Cost of goods sold 490000 Gorss profit 210000 Operating expenses 100000 Operating income 110000 Other expenses and losses 30000 Income before income taxes 80000 Income taxes 24000 Net income 56000.