Consider the following scenario: A newly incorporated company ("iX Nuts") engages in the selling of macadamia nuts. For the 2022 year of assessment, the following is applicable: The company was initially funded by a bank loan of $500k bearing interest at 5% payable annually in arrears Share capital was $1,000 paid for in cash by shareholders The company purchased $1m worth of macadamia nuts as stock during the year. 10% of this was owing to creditors at year end The company had sold 80% of its stock by year end The company incurred packaging costs of $100,000 in converting purchased macadamia nuts into the final product that is ready for sale. This amount is considered to be part of the cost of goods sold. The mark-up the company applied to its cost (including packaging) was 120% 75% of the company's sales were cash with the remainder being credit sales Salaries for the company for the year were $240,000 The only equipment purchased by the company was a packaging machine which was acquired in cash for $100,000. The machine is depreciated on a straight-line basis over 5 years Other expenses for the year were: Rent expense of $80,000 Marketing expense of $40,000 IT costs of $25,000 Professional fees (legal/accounting) of $20,000 The company tax rate is 30% and assume all taxes are paid in cash by year end 1) Prepare all the journal entries for the year 2) Prepare the company income statement for the 2022 year clearly showing gross profit, EBIT and net profit