Identify the errors in the following income statement:obj. 3 The Euclidian Company Income Statement For the Year

Identify the errors in the following income statement:obj. 3

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The Euclidian Company Income Statement For the Year Ended March 31, 2008 Revenue from sales: Sales invivics Add: Sales returns and allowances Sales discounts.... Gross sales....s Cost of merchandise sold Income from operations Expenses: Selling expenses.. Administrative expenses Delivery expense Total expenses Other expense: Interest revenue Gross profit $7,127,500 $112,300 60,000 172,300 $7,299,800 $ 710,000 4,175,100 $3,124,700 525,000 18,100 1,253,100 $1,871,600 80,000 $1,791,600