1. 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 $50,000 Travel 1,000 Transportation 6,173 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-culation of her taxable business income