1. Complete the income statement for the year 2020.
2. Complete the balance sheet for the year 2020.
3. Prepare a cash flows statement for the operating activities for the year 2020.
4. Compute ratios that can be calculated from the data presented (2 years, trend, percentages etc.)

\begin{tabular}{|l|r|r|} \hline \multicolumn{3}{|c|}{ Magic GMBA 4 Corporation ?? } \\ \hline \multicolumn{3}{|c|}{ Income Statements } \\ \hline \multicolumn{3}{|c|}{ For the Years Ended December 31, 2020 and 2019 } \\ \hline & 2020 & \\ \hline & 5 & 5 \\ \hline Operating revenues- Note 1 & 968,000 & 1,944,000 \\ \hline Less: Cost of goods sold & 1,124,800 & 960,000 \\ \hline Gross Profit & & 984,000 \\ \hline Operating expenses & 368,000 & \\ \hline Selling and administrative expenses & & 400,000 \\ \hline Depreciation expense & 160,000 & 80,000 \\ \hline Other expense & 8,000 & 128,000 \\ \hline Bad debt expense & 160,000 & 7,200 \\ \hline Rent expense & 776,000 & 160,000 \\ \hline Operating expenses & & 775,200 \\ \hline Net income from operations & (80,000) & 208,800 \\ \hline Inventory loss & (71,472) & (70,784) \\ \hline Interest expense & 197,328 & 138,016 \\ \hline Income before tax & (80,000) & (48,000) \\ \hline Income tax expense & 117,328 & 90,016 \\ \hline Net income & & \\ \hline Note1:Operatingrevenueincludes$84,600disposalofplantassetsandothersimilaritems. & & \\ \hline \end{tabular}