In a particular year, Shady Shades Company had gross revenues of $1,200,000 from operations. The following financial transactions were posted during the year:

Manufacturing expenses (including depreciation of $45,000)	$450,000
Operating expenses (excluding interest expenses)	$120,000
A new short-term loan from a bank	$50,000
Interest expenses on borrowed funds (old and new)	$40,000
Old equipment sold	$60,000

The old equipment had a book value of $75,000 at the time of sale.

(a) What is Shady Shadess income taxes? Hint: Write out an income statement

(b) What is Shady Shadess net cash flow? Hint: Write out a cash flow statement