The following account balances are available for The Clothing Outlet, Inc., a discount retailer, as of and for the year ended December 31, 2017, except for the retained earnings balance which is stated below as of January 1, 2017: Cash.. $5,500,000 Accounts receivable.. $9,000,000 Marketable securities.. $14,000,000 Prepaid insurance. .$400,000 Inventory.. ..$4,000,000 Equipment... $7,000,000 Accumulated depreciation equipment...$3,000,000 Buildings.... $20,700,000 Accumulated depreciation: buildings.....$5,000,000 Land... $4,000,000 Investments (long-term). ..$4,000,000 Patents (net)... ...$800,000 Accounts payable.. $5,000,000 Income taxes payable. $1,600,000 Salaries payable... .$1,000,000 Dividends payable.. $2,000,000 Interest payable.. $500,000 Notes payable (long-term). $2,400,000 Bonds payable (long term). $6,000,000 Common stock.. $10,100,000 Retained Earnings (as of Jan. 1, 2017).$8,400,000 Dividends declared. $5.000.000 Sales...... $108,000,000 Cost of goods sold. $32,000,000 Interest revenue.. ..$2,500,000 Interest expense.. ..$1,500,000 Income tax expenso......(calculated 40%) Selling expenses Sales salaries and commissions............$6,000,000 Insurance expense... $1,600,000 Advertising expense..... $3,500,000 Utilities expense.... $4,000,000 Depreciation expense: equipment. $400,000 Delivery expense $300,000 General and administrative expenses Executive and administrative salaries......5,800,000 Uulits expenses $4,200,000 Rental expense. $900,000 Depreciation expenses buildings.. $500,000 QUESTION 8 278823 po Based on the Income statement of The Clothing Outlet Inc., provide the total Income Tax Expense amount for the 12-month period ending December 31, 2017 2 78923 poi QUESTION 9 Based on the Income statement of The Clothing Outlet Inc., provide the total Net Income for the 12-month period ending December 31, 2017 2.76923 poin QUESTION 10 Based on the Income statement of The Clothing Outlet Inc., provide the income before Tax amount for the 12- month period ending December 31, 2017