Question 20 20 pts In 2021, Professor Berecz's Fine Art and Fidgit Spinners Recorded the Following Information: Sold 10,000 Fidgit Spinners She was able to sell her Fidgits for an average price of $400 per Spinner Professor Berecz knew that some of the money for these sales would never be collected Some purchasers would never even pay for their Spinners She estimated Returns and Allowances for Bad Debt in 2021 of $200,000 In 2021 Professor Berecz purchased 11,000 Fidgit Spinners at an average cost of $300 per Spinner The business began 2021 with an Inventory of 900 Fidgit Spinners - with an average cost of $300 per Spinner 2021 Operating Expenses (excluding depreciation) were $400,000 and Depreciation expense was $100,000 The business had $2,000,000 in debt outstanding This debt carried an interest rate of 10 percent . Finally, the company tax rate was 40 percent Your Mission: Construct a 2021 Income Statement for Professor Berecz's Fine Art and Fidgit Spinners