Problem 3-2 Schedule C Margaret started her own business in the current year and will report a profit for her first year. Her results of operations are as follows : Last two not shown are Total Expenses and Taxable Business Income

Gross income $45,000 Expenses: Travel $1,000 Contribution to Presidential Election Campaign $100 Transportation (5,725 miles evenly throughout the year, using standard mileage method) Entertainment in total $4,200 Nine gifts at $50 each $450 Rent and utilities for apartment in total $10,500 (25% is used for a home office) Complete the table below to determine the net income Margaret should If an amount is zero, enter "0" . If required, round the amounts to the Gross income Expenses: Travel Political contribution Transportation Entertainment Gifts Rent and utilities ms