27) Pat's Bar and Grill had the following financial results in 2016: Sales: $1.6 million Cost of Goods Sold: $700,000 Operating Expenses: $600,000 Interest Expenses: $95,000 Income Tax Expense: 45,000 In 2017, With prices unchanged, sales are expected to increase by 5%. The gross margin ratio is expected to be unchanged. Operating expenses are expected to increase by 7% due mainly to hiring an additional waiter. Interest expense is expected to increase by $10,000 due to an increase in interest rates. The effective income tax rate is expected to be unchanged. Please calculate the following a) Gross Margin % 2016: b) Operating Income 2016: c) Net Income 2016 d) Effective income tax rate % for 2016: e) Sales 2017: 1) Gross Profit 2017: 8) Operating Income 2017: h) Net Income 2017