In 2020, Magellan Inc. sold 14,000 units of its product at an average price of $ 370 per unit. Magellan purchased 19,000 units of its product from its manufacturing supplier in 2020, at an average cost of $ 210 per unit. Operating expenses (excluding depreciation) for Magellan Inc. in 2020 were $ 413,000 and depreciation expense was $ 149,000. Magellan had $ 960,000 in debt outstanding for the full year, at an interest rate of 10 percent. Finally, Magellans tax rate was 20 percent. Magellans fiscal year runs from January 1 through December 31. Given this information, prepare Magellans 2020 statement of income.