$1)$ The following is a list of selected events for Outdoor World for Year $1.$ Outdoor World uses a perpetual inventory system and had an inventory balance of zero prior to these transactions.

$1.$ Purchased merchandise on account for $$170,000.$

$2.$ Sold inventory costing $$124,000$ for $$208,000$ on account.

$3.$ Paid transportation$-$out cost of $$7,000$ on goods sold.

$4.$ Paid other operating expense of $$55,200.$

$5.$ Sold land for $$45,400$ that had cost $$50,000.$

$6.$ A count of the inventory revealed that there was $$45,800$ of inventory on hand at the end of Year $1.$

b$.$ What was Outdoor World's net income for Year $1?$

c$.$ Compute gross margin and the gross margin percentage that would be shown on the common size income statement for Year $1.$

d$.$ What amount of inventory will appear on the balance sheet for December $31,$ Year $1?$

e$.$ Based on the above information, prepare a multistep income statement for Year $1.$