Q1. Presented below is information related to Watt Company in its first year of operation. The following information is provided at December 31, 2020, the end of its first year. Sales revenue 450,000 Cost of good sold 210,000 Selling and administrative expenses 75,000 Gain on sale of plant assets 45,000 Financial costs 10,000 Loss on discontinued operations 20,000 Income tax rate 20% Instructions: Prepare Income Statement of Watt Company for the year ended December 31, 2020