8. Your friend informs you that he has prepared the following income statement for his company and wants your opinion as a tax expert on what he has prepared Sales revenue (1000 units 2) Value Added Tax revenue (1000 units * 2 * 14%) CGS (1,000 units -1.5 Gross profit Operating expenses Income from operations Other revenues and expenses Pre tax income 2,000 280 1,500 780 200 580 0 580 116 464 | income tax expense (5 * 20%) Net income What would you tell your friend and how will the income statement change (if applicable) impact the tax of the company