In 2020, Magellan Inc. sold 14,200 units of its product at an average price of $ 380 per unit. Magellan purchased 22,000 units of its product from its manufacturing supplier in 2020, at an average cost of $ 190 per unit. Operating expenses (excluding depreciation) for Magellan Inc. in 2020 were $ 363,000 and depreciation expense was $ 156,000. Magellan had $ 1,000,000 in debt outstanding for the full year, at an interest rate of 10 percent. Finally, Magellan's tax rate was 20 percent. Magellan's fiscal year runs from January 1 through December 31. Given this information, prepare Magellan's 2020 statement of income. Magellan Inc. Statement of Income For the year ending December 31, 2020 $