The income statement for illinois communications follows. Assume illinois communications signed a three-month, 6%, $50,000 note on June 1, 2024, and that this was the only note payable for the company.

REQUIREMENTS:

1) Fill in the missing info for the illinois's year ended July 31,2024, income statement. Round to the nearest dollar.

2) compute the times-interest-earned ratio for the company. Round to two decimals.

Data table Illinois Communications Income Statement Year Ended July 31, 2024 Net Sales Revenue $ 26.000 Cost of Goods Sold 9,000 Gross Profit 17.000 Operating Expenses: Selling Expenses S 750 Administrative Expenses 1,500 Total Operating Expenses 2.250 Drint Dona 14.750 Operating Income Other Income and (Expenses); Interest Expense Total Other Income and (Expenses) Net Income before Income Tax Expense Drint Dane Data table Interest Expense ? Total Other Income and (Expenses) ? Net Income before Income Tax Expense ? Income Tax Expense 2,850 $? Net Income