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Prepare magellan statement of income

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Question - In 2020, Magellan Inc. sold 13,600 units of its product at an average price of $340 per unit. Magellan purchased 18,600units of its product from its manufacturing supplier in 2020, at an average cost of $190 per unit. Operating expenses (excluding depreciation) for Magellan Inc. in 2020 were $397,000 and depreciation expense was $137,000. Magellan had $910,000 in debt outstanding for the full year, at an interest rate of 10 percent. Finally, Magellan's tax rate was 20 percent. Magellan's fiscal year runs from January 1 through December 31. Given this information, prepare Magellan's 2020 statement of income.

Reference no: EM133124481

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