399,560 -0.4167.100 Use the following to answer questions 23 - 30 PMJ Corp. reported the following income statement results: 900,000 Sales $978,500 - 960,000 NS Sales returns & allowances 18,500 Gross profit 399,360 COG5 - 560,640 Operating expense 294,100 Gain on sale of equipment +7,500 Net income 93,120 opincone- 105260 23. $ 960,000 Calculate Net sales 399,360 24. $ 500, 640_Calculate Cost of Goods Sold -294,100 25. $ 105,26 Calculate operating income 105 1260 26. $ 112.760 Calculate Income before Income tax (IBT) + 7,500 27. $ 19,690 Calculate income tax expense 112,760 LIBT - Income taxes 28. U L .6 % Calculate the gross profit margin (one decimal place) 93,120 29. ___%. Calculate the profit margin (one decimal place) 20 0 9 Do Assume the company had a loss (instead of the gain) on the sale of equipment of $1,000; 5 260 determine IBT. 012.60 Use the following to answer questions 31 - 32 Last yearT, Inc., had the following expenditures related to developing its trademark: $224,000-7 expense 45,600 600 General advertising costs Advertising specifically focused on trademark Legal fees to register trademark Legal fees for successful defense of new trademark Total 75.000 $345,200 During your year-end review of the accounts related to intangibles, you discover that the company has capitalized all the above as costs of the trademark. Management contends that all the costs increase the value of the trademark and, therefore, should be capitalized. 31. Which of the above costs should NOT be capitalized? What is the total cost that should be capitalized to the trademark account? 32. $