Question 1: 17.5 marks) Presented below is an income statement for Hussam Company for the year ended December 31, 2020. Hussam Company Income Statement For the Year Ended December 31, 2020 Net sales $950,000 Costs and expenses Cost of goods sold 540,000 Selling general, and administrative expenses 80,000 Other Income & Expenses 15.000 Income before income taxes 315,000 Additional information: 1. "Selling, general, and administrative expenses" included a charge of $8,000 for loss on sale of fumiture 2 Other Income & Expenses" consisted of the following items, all before tax: interest expense $6,000, a discontinued operations loss of $18,000, and rent revenues $39.000 3. Tax rate 15% 4. Hussam had 100,000 ordinary chares outitanding during 2020 Instructions Prepare a corrected income statement, including the appropriate per share disclosures. Then answer the following questions Question Income from operations for 2020, 22Income before income tax for 2020.is ed States Income before income taxes 315,000 Additionalinformation: 1. "Selling general, and administrative expenses included a charge of $8,000 for loss on sale of furniture 2. "Other Income & Expenses." consisted of the following items, all before tax: interest expense 56,000, a discontinued operations loss of $18,000, and rent revenues 539,000 3. Tax rate 15% 4. Hussam had 100,000 ordinary share outstanding during 2020 Instructions Prepare a corrected income statement, including the appropriate per share disclosures. Then answer the following questions Ouestion Antwer Income from operations for 2020 Income before income tax for 2020, 3 Income tax for 2020, 4 Income from continuing operations for 2020.is SNet income for 2020,18 O DOLL F11 F12 Priser F6 F10 FZ FB F9 AaBbCcl AaBbCcDc AaBbcc AaBb AaB Headings 1 Normal * No Spack Heading 1 Headir Paragraph Style Hussam Company Income Statement For the Year Ended December 31, 2020 Question 2:15 mario] Determine whether each of these statements is true or false Question General purpose financtal statements provide information to parties other than
