4. The income statement for the Turtle High Speed Machine Tool Company for 2019 appears below. TURTLE HIGH SPEED MACHINE TOOL COMPANY Income Statement For the Year Ended October 31, 2020 Sales (40,000 units) Variable expenses Contribution margin Fixed expenses Net income (loss) Instructions $1,000,000 750,000 250,000 290,000 $ (40,000) Answer the following independent questions and show all calculations to support your answers: a) What was the company's break-even point in sales dollars in 2020? b) How many additional units would the company have had to sell in 2021 over the number sold in 2020 in order to earn a net income of $45,000? (Question 4 Continued) c) How many additional units would the company have had to sell in 2021 over the number sold 2020 to earn an after-tax net income of $45,000 assuming the Fed plus CA combined tax rate of 30%? d) What is the impact of the tax rate in [c] over your answer in b? e) If the company is able to reduce variable costs by $2.50 per unit in 2019 and other costs and unit revenues remain unchanged, how many units will the company have to sell in 2021 in order to earn a net income of $45,000 on a before tax basis? 9