1) Prepare the business's multi-step income statement for the year ended March 31,2020. A physical count of inventory on March 31, 2020, valued it at $172,300.

2) Prepare Arnett Distributors's statement of owner's equity at March 31, 2020.

3) Prepare Arnett Distributors's classified balance sheet in report format at March 31, 2020.

Here is the data and the rest of the questions.

i Accounts Accounts Payable $ 79,000|| Interest Revenue... 740 Accounts Receivable 157,000 117,000|| Inventory: March 31, 2019 Note Payable, Long-Term 106,000 Purchases Accumulated Amortization -Equipment 124,000 1,240,000 C. Arnett, Capital 181,000 Salaries Payable . 8,400 C. Arnett, Withdrawals. 82,000 Sales Discounts.. 34,000 Cash 35,000 Sales Returns and Allowances 49,000 480,540 212,000 Sales Revenue 2,300,000 Equipment General Expenses. Interest Expense Interest Payable.. 365,000 9,800|| Selling Expenses. 4,200|| Supplies... 45,000 Unearned Sales Revenue 23,000 Print Done Requirement 4. Corry Arnett, owner of the company, strives to earn a gross margin of at least 51.4 percent and a net income of 24.8 percent (Net income percentage = Net income = Net sales revenue). Did Arnett Distributors achieve these goals? Show your calculations. (Enter the gross margin and net income percentage as a percentage rounded to one decimal place, X.X%.) Begin by calculating the gross margin percentage. Gross margin percentage = % When compared to the target gross margin percentage of 51.4 percent, this year's gross margin percentage the target because this year's gross margin percentage is the target. Now calculate the net income percentage. Net income percentage = % When compared to the target net income percentage of 24.8 percent, this year's net income margin percentage the target because this year's net income margin percentage is the target. Choose from any list or enter any number in the input fields and then continue to the next