Margaret started her own business in the current year and will report a profit for her first year. Her results of operations are as follows: Gross income $45,000 Travel 1,000 Contribution to Presidential Election Campaign 100 Transportation 5,725 miles, using standard mileage method ? Entertainment in total 4,200 Nine gifts at $50 each 450 Rent and utilities for apartment in total 10,500 (25% is used for a home office) What is the net income Margaret should show on her Schedule C? Show the cal- culation of her taxable business income. Gross income Expenses (describe each) Taxable business income​