The following information is available from the accounting records of DeWitt Engineering Ltd. for the year ended June 30, 2021: 
Instructions
Prepare a corporate income statement for the year ended June 30, 2021. The company has a 30% income tax rate.
Definitions:
Conditions
The specific requirements, provisions, or stipulations that define the terms under which agreements or contracts are established and operated.
Debt Financing
The use of borrowed funds to finance a business.
Insolvency
The financial state in which an individual or company cannot meet their due debt obligations due to a lack of sufficient assets or funds.
Leverage
The use of borrowed capital or financial derivatives to increase the potential return of an investment.
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