Q1. Create an income statement in good form for the company based on the information given below:

Michael Petcherski from Toronto, ON, seeks Dragon dollars for his line of dehydrated apple snacks. The three Works Snacks and Chips company asking Dragon for 300K in exchange for 15% of the companys equity.

The company's first-year sales total $850,000 and assumed that $460,000 of the sale is coming from the Apple product.

Profit margin: globally, the company made a total of 65% gross margin.

The founder invested 20% on promotion expenses before the 65% of the sale

Assuming a tax rate of 15%.