2) Below is the partial trial balance of Valley Company as of December 31, 2021: Credit. S Debit. 13,000 130,400. $ 20,000 8,000. 4,150. 1,300. 25,000 Advertising expense Cash Common stock Dividends Dividends revenue Interest expense Liabilities Merchandise inventory. Office salaries expense Office supplies expense Rent expense - office space. Rent expense - selling space. Retained earnings- Sales. Sales discount Sales returns and allowances. Sales salaries expense. Store supplies expense. 41,000 28,500 400. 3,600 8,000 84,550. 225,600.. 2,250. 12,000. 32,000. 1,500. Below are supplementary information related to merchandise activities of the company: Beginning merchandise inventory at January 1, 2021:- Total purchases in 2021: Purchase discounts received in 2021: Purchase returns and allowances in 2021:- Costs of inward transportation in 2021:- Income tax rate. $25,400.. 92,000.. 2,000. 4,500. 4,600.. 20%. . Beginning merchandise inventory at January 1, 2021: Total purchases in 2021: Purchase discounts received in 2021: Purchase returns and allowances in 2021: Costs of inward transportation in 2021: Income tax rate $25,400 92,000. 2,000 4,500 4,600 20% Required: Calculate the following income statement items: (13.5 marks). 1. Net Sale 2. Cost of goods sold 3. Gross profit 4. Operating expense - Selling 5. Operating expense - Administrative 6. Income from operations 7. Other income or expenses 8. Income before income tax