1. Problem 1 The general ledger of the Fly-Buy-Nite Engineering Company (FBN) contained the following account balances. FBN has a tax rate of 25%. Administrative expenses Subcontracted expenses Development expenses Interest expense Sales revenue Selling expenses Amount ($ thousands) $ 3,750 $ 19,000 $ 1,900 $ 1,200 $ 35,000 $ 5,500 a. Construct an income statement, with separate sections for Operating and Non-operating revenues and expenses. b. What is the net income before taxes? c. What is the profit (or loss) after taxes