The following information is available for Vaughn Corporation for the year ended December 31, 2020: cost of goods sold $226,000, sales revenue $450,000, other revenues and gains $52,500, and operating expenses $74,000. Assuming a corporate tax rate of 25%, prepare an income statement for the company. VAUGHN CORPORATION Income Statement Sales Revenue 450000 Cost of Goods Sold 226000 Gross Profit / (Loss) 224000 Operating Expenses 74000 Gross Profit/ (Loss) 150000 Other Revenues and Gains 52000 X Income before Income Taxes 202000 Income Tax Expense 50500 151