Total Marks:15 Student ID Weightage: 25% Choose any 3 Questions Total Time: 75 min ABC, Inc. Income Statement (in thousands) December 31, 2018 Sales (all credit) $200,000 Cost of goods sold 140,000 Gross profit on sales 60,000 Operating expenses 56,000 4.000 Operating income Interest expense Eamings before tax Income tax Net income available to common stockholders S1.950 1.000 3.000 1,050 Question 1 1 Reconstruct the income statement with an increase in sales by 5%, drop in cost of goods sold by 10% and calculate taxes at rate of 20%. II. For the income statement above, make a common size income statement. (2.5+2.5-5 Marks)