Exercise 2 Presented below are selected data from the accounting records for Micco's Gift Store for 2014. Net sales Income taxes Cost of sales Operating expenses Dividends $ 190,000 30,000 80,000 45,000 12,000 Required: A) B) C) Calculate the net income or loss for 2014. Explain how the amount from part "A" will affect the financial position of Micco's Gift Store. Is the company profitable? Explain your