Upsilon Corporation provided the following financial data for the fiscal year ended December 31, 2023:

• Sales Revenue: $2,000,000
• Cost of Goods Sold: $1,000,000
• Rent Expense: $150,000
• Utilities Expense: $60,000
• Salaries Expense: $700,000
• Depreciation Expense: $120,000

Additionally, Upsilon Corporation faces a tax liability of $200,000. Prepare the Income Statement and Tax calculation for Upsilon Corporation.