FINANCIAL STATEMENTS The following is BCS's audited income statement for 2021: BCS Income Statement For year ending December 31, 2021 $ 1,800,00 Revenue from sales 0 Sales returns and allowances (5,000) (350,00 Cost of goods sold 0) Gross profit from operations $ 1,445,00 0 Other income: Capital loss (15,000) Dividend income 25,000 10,00 Interest income 0 $ 1,465,00 Gross income 0 Expenses: Compensation (950,000) Depreciation (10,000) Bad debt expense (15,000) Meals (fully deductible) (1,500) Maintenance (6,000) Property taxes (11,000) State income taxes (45,000) Other taxes (44,000) Rent (60,000) Interest (5,000)