1.2 In 2019, New Horizons Ltd (a hardware retail company) sold 10 000 units of its product and reported net sales of R3 800 000. New Horizons purchased the 10 000 units of its product from its manufacturer in 2019 at an average cost of R300 per unit. Operating expenses (excluding depreciation) for New Horizons Ltd in 2019 were R400 000 and depreciation expense was R100 000. New Horizons had R2 000 000 in debt outstanding throughout all of 2019. This debt carried an average interest rate of 10 percent. Finally, New Horizons's tax rate was 40 percent. New Horizons' fiscal year runs from January 1 through December 31. Given this information, construct New Horizons' 2019 income statement