Q1. Create an income statement in good form for the company based on the information given below: Michael Petcherski fro

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Q1. Create an income statement in good form for thecompany based on the information given below:
Michael Petcherski from Toronto, ON, seeks Dragon dollars forhis line of dehydrated apple snacks. The three Works Snacks andChips company asking Dragon for 300K in exchange for 15% of thecompany’s equity.
The company's first-year sales total $850,000 and assumed that$460,000 of the sale is coming from the Apple product.
Profit margin: globally, the company made a total of 65%gross margin.
The founder invested 20% on promotion expenses before the 65% ofthe sale
Assuming a tax rate of 15%.