You are provided with the following income and expense data for the fiscal year ending December 31, 2023, for two companies: Apple Inc. and Microsoft Corporation. Prepare the profit and loss account for each company.

Apple Inc.:

• Revenue: $394,328,000
• Cost of Goods Sold (COGS): $241,977,000
• Research and Development Expenses: $27,669,000
• Selling, General, and Administrative Expenses (SG&A): $21,914,000
• Interest Expense: $2,803,000
• Other Income: $1,200,000
• Income Tax Expense: $22,900,000

Microsoft Corporation:

• Revenue: $168,088,000
• Cost of Goods Sold (COGS): $60,080,000
• Research and Development Expenses: $24,464,000
• Selling, General, and Administrative Expenses (SG&A): $23,837,000
• Interest Expense: $2,200,000
• Other Income: $1,500,000
• Income Tax Expense: $15,200,000

Requirements:

1. Prepare the profit and loss account for Apple Inc. and Microsoft Corporation.
2. Calculate the Net Income for both companies.