Iota Corporation provided the following financial data for the fiscal year ended December 31, 2023:

• Sales Revenue: $1,800,000
• Cost of Goods Sold: $900,000
• Rent Expense: $120,000
• Utilities Expense: $50,000
• Salaries Expense: $500,000
• Depreciation Expense: $75,000

Additionally, Iota Corporation faces a tax obligation of $180,000. Prepare the Income Statement and Tax calculation for Iota Corporation.