2-19 For Magdalen Industries, compute the net income before taxes and net profit (or loss). Taxes for the year were $1 million. (a) Calculate net profit for the year. (b) Construct the income statement. (c) Calculate the interest coverage and net profit ratio. Is the interest coverage ac- ceptable? Explain why or why not. Magdalen Industries Income Statement Data (millions) Revenues Total operating revenue (including sales of $48 million) $81 Total non-operating revenue 5 Expenses Total operating expenses 70 Total non-operating expenses (interest payments) 7