The president of Aggressive Ltd. has come to you for advice. Aggressive is a newly established company with prospects for high growth. Decisions must soon be made concerning accounting policies for external financial reporting. The following information pertains to the companys first year of operations (in thousands of dollars): Revenue $ 102,000 Purchases 38,250 Closing inventoryFIFO 12,750 Closing inventoryaverage cost 10,200 Depreciationstraight line 3,300 Depreciationdeclining balance 6,600 Development expense 3,300 Amortization of development over five years 660 Other expenses 8,150 Income tax rate 20 % Required: 1. Prepare a columnar income statement. In column 1, show net income assuming the use of FIFO, declining-balance depreciation, and expensing of development. In successive columns, show the individual impact of each of the following policy changes on net income: a. In column 2, average cost b. In column 3, straight-line depreciation c. In column 4, amortization of development and d. In column 5, the combined effects of the alternatives presented separately in columns 2 through 4. (Negative amounts should be indicated by minus sign.) 2. Not available in connect