1. Prepare an Income Statement in multiple-step format with subtotals for net sales, gross profit, income before taxes, and net income. 2. Calculate Gross Profit Margin. (5 points) Tulip Company Adjusted Trial Balance at 31 December 2020 Credit Debit 7,590 5,910 4,870 2,550 25,230 450 4,230 24,690 5,550 Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable Capital Stock Retained Earnings, January 1, 2020 Dividends Sales revenue Sales returns Cost of Goods Sold Salaries Expense Utilities Expense Rent Expense Depreciation Expense Interest Expense Income Tax Expense 48,150 1,150 740 17,000 8,850 2,130 3,390 450 230 2.980 83,070 83,070