1.Tatiana has been working on her business plan carefully assessing cash flow requirement for her business. She's starting a brand-new business and has limited access to capital. She owns the land and building where the business is located and has decided to seek a mortgage to help finance the operations. She consulted her local bank, which has agreed to $200,000 mortgage, bearing interest at 6%. After thorough search and study her projections include the following data for the first year of operations: sales $800,000; cost of sales $540,000; operating expenses $110,000; average inventories $100,000; and average account receivable $120,000. The mortgage will require future amortization payments at the beginning of each month for the next 10 years. What will Tatiana's income statement show as a net income before taxes in her first year of operations?