$ 32,000 8.000 20.000 370,000 Instructions Prepare the sales section of the income statement. E5.7 (LO 4,6), AP Presented below is information for Lieu Co. for the month of January 2022. Cost of goods sold $212,000 Rent expense Freight-out 7,000 Sales discounts Insurance expense 12,000 Sales returns and allowances Salaries and wages expense 60,000 Sales revenue Income tax expense 5,000 Other comprehensive income (net of $400 tax) Instructions a. Prepare an income statement using the format presented in Illustration 5.12. b. Prepare a comprehensive income statement. c. Calculate the profit margin and the gross profit rate. 2,000