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Venus, Inc. had sales in 2019 of $2 million dollars. The common stockholders received $300,000 in cash dividends. There are no preferred stockholders. Interest expense

Venus, Inc. had sales in 2019 of $2 million dollars. The common stockholders received $300,000 in cash dividends. There are no preferred stockholders. Interest expense was $150,000 while operating expenses totaled $600,000(depreciation is 50% of operating expenses), and cost of goods sold was $500,000. Venus, Inc. issued 1 million shares outstanding.

Complete the following brief income statement (Suppose the tax rate is flat and 34%).

Sales

$2,000,000

Cost of goods sold

- $

Operating expenses

- $

Interest expense

- $

Taxable income

$

Tax liability

- $

Net Income

$

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