Good luck shoes Coporation operates a store that sells shoes. The following are transactions that occuured during the first quarter of operations- Jan. 1to Mar. 31,2015.

Jan. 1 Two individuals each invested $50,000 in the corporation. Each investor was

issued 5,000 shares of $2 par value common stock.

Jan. 2 Purchased furniture and fixtures from Acme Furniture for $9,600 cash.

Jan. 4 Purchased $1,500 of supplies for cash.

Jan. 15 Paid $18,000 in advance for one years rent on the store building. The rent begins with

Jan 15. The company counts January for half a month.

Jan. 31 Paid salaries to employees for the first month, $3,000.

Feb. 1 Purchased $65,000 of shoes inventory on account from the Birdwell Shoes

Manufacturing Company.

Feb. 1 Borrowed $54,000 from a local bank and signed two notes. The first note of

$15,000 requires payment of principal in six months with annual interest rate at 10%.

The second note of $39,000 requires the payment of principal in two years and annual

interest payment with annual interest rate at 12%.

Feb. 6 Sold shoes on account to St. Judes School for $6,000. Cost of the shoes sold

is $4,000.

Feb. 9 Paid Birdwell Shoes Manufacturing Company cash $42,000 for the purchase on Feb. 1.

Feb. 20 Sold shoes to a chemical factory for $66,000 cash. Cost of the shoes sold is $38,000.

Feb. 23 Purchased $10,000 of shoes inventory on account from the Birdwell Shoes

Manufacturing Company.

Feb. 28 Paid salaries to employees for the month of February, $3,500.

Mar. 1 Sold shoes to the football team of Robert Lee High School, and accepted a note

receivable of $10,000, due in three-month, with annual interest at 12%. Cost of the

shoes sold is $8,000.

Mar. 1 Subleased a portion of the building to a jewelry store. Received $3,000 in advance

for three months rent beginning on Mar. 1.

Mar. 3 Some shoes were returned by the chemical factory which made a purchase on Feb. 20.

The selling price and cost of the returned shoes is $6,000 and 3,400, respectively.

Cash of $6,000 is returned to the customer.

Mar. 23 Paid Birdwell Shoes Manufacturing Company $12,000 on account.

Mar. 25 Received $4,000 cash from St. Judes School.

Mar. 30 The corporation announced and paid its shareholders cash dividends of $2,000.

Record adjusting entries in General Journal and post to the general ledger accounts.

Additional information

At the end of March, $1,000 of supplies remained.

The furniture and fixtures have a useful life of five years and will be worthless at the end of

their useful life.

Salaries for the month of March are $4,000, to be paid on April 3, 2013.

The companys management estimated that of the $2,000 remaining on account from St.

Judes, only $1,800 would ultimately be collected.

Income tax rate applied to the company is 30%.

**I need help for last part. I finished all of adjusting entries except last part.

I know that i can get the income tax payable = Income before tax*30%

How do i get the income before tax?