2020 Income Statement Project 2018 2019 Revenue: Book Sales Ticket Sales Total Revenue: Expenses: Salary Depreciation Supplies Rent Insurance Total Expense: Net Income/Loss: Directions: Build an income statement using the steps provided below. 1) The book store received $50,000 in book sales for 2018, with a 20% increase in revenue each year, 2) Jack's book store received $15,000 each year in ticket sales to book signing events. 3) Find the Total Revenue each year for 2018-2020 using cell referencing 4) Jack's book store paid $16,000 in employee salaries in 2018. Each year his employee salary cost increased by 25% 5) Jack Purchased store furniture for 525,000 that is expected to be used over the next 5 years. 6) Jack bought $3,000 in supplies in 2018 and supplies costing $1,000 were used up each year. 7) Jack signed a contract to pay $800/month for rent between 2018-2020 8) Jack's book store pays 5500 each month to cover insurance 9) Find the Total Expense each year for 2018-2020 using the SUM function 10) Find the Net Income/Loss using cell referencing