Amounts from Toy World's income statement are presented below. 2020 Sales Income tax expense $2,000,000 240,000 380,000 General and administrative expenses Cost of goods sold Selling expenses 600,000 520,000 Compute Toy World's net income. $1,400,000 $500,000 $860,000 $260,000 Amounts from Toy World's income statement are presented below. 2020 Sales Income tax expense General and administrative expenses Cost of goods sold Selling expenses $2,000,000 240,000 380,000 600,000 520,000 Compute Toy World's profit margin. (round to the nearest tenth of 1 percent) 70% 25% 43% 13%