ABC Inc. reported the following data for the year 2023:

• Sales Revenue: $1,200,000
• Cost of Goods Sold: $700,000
• Operating Expenses: $250,000
• Interest Expense: $15,000
• Tax Expense: $50,000

Requirements:

1. Prepare a detailed income statement.
2. Calculate the gross profit.
3. Calculate the operating profit.
4. Determine the net income.
5. Calculate the earnings before interest and taxes (EBIT).