21. 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:

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Gross income Travel $50,000 1,000 Transportation 6,790 miles, using standard mileage method Entertainment in total 4,000 Seven gifts at $50 each 350 Rent and utilities for apartment in total 10,000 (20% is used for a home office) What is the net income Margaret should show on her Schedule C? Show the cal- ulation of her taxable business income. Gross income Expenses (describe each) Taxable Business Income