20 marks, 30 minutes At November 30, 2020 Samsonite Corporation had the following balances. They use the periodic method. (a) Prepare a Multi-Step Income Statement (b) Calculate the gross profit margin and the profit margin for 2020 Cash Accounts payable Accounts receivable Advertising expense Bank Loan (all over one year) Beginning inventory Computers Depreciation expense Ending inventory Equipment Freight out (operating expense) Income tax expense Interest expense Interest revenue Inventory purchases Salaries expense Sales Sales discounts Sales returns and allowances Utilities expense 30,000 35,000 25,000 45,000 100,000 600,000 10,000 4,200 208,000 20,000 11,200 74,280 12,500 15,000 200,000 248,000 1,200,000 8,000 34,000 12,500