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: 

Gross income .......................................................................................................................$45,000 

Travel ........................................................................................................................................1,000 

Contribution to Presidential Election Campaign ....................................................................100 

Transportation 5,725 miles, using standard mileage method ..................................................? 

Entertainment in total .............................................................................................................4,200 

Nine gifts at $50 each .................................................................................................................450 

Rent and utilities for apartment in total (25% is used for a home office) .......................10,500

What is the net income Margaret should show on her Schedule C? Show the calculation of her taxable business income.

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Gross income Expenses (describe each) Taxable business income