(a) As the assistant accounting manager for Jefferson Airplane Parts, Inc., construct an income statement with vertical analysis for the first quarter of 2019 from the following information: gross sales, $240,000; sales discounts, $45,500; beginning inventory, Jan. 1, $86,500; ending inventory, March 31, $103,100; net purchases, $76,800; total operating expenses, $108,000; and income tax, $14,450. (Round percentages to one decimal place.) Jefferson Airplane Parts, Inc. Income Statement January 1 to March 31, 2019 Revenue Gross Sales Less: Sales Discounts Net Sales $ 240000 45500 194500 % Cost of Goods Sold Merchandise Inventory, Jan. 1 86500 Net Purchases 76800 Goods Available for Sale 163300 Less: Merchandise Inventory, Mar. 31 103100 Cost of Goods Sold 60200 Gross Margin Operating Expenses Income before Taxes Income Tax Net Income $ 26300 %