An alphabetical list of Sunland's Company adjusted accounts at its fiscal year end, August 31, 2021, follows. All accounts have normal balances.

Accounts payable		$15,600		Notes payable		$42,000
Accumulated depreciation—equipment		14,000		Prepaid insurance		575
Accumulated depreciation—furniture		17,500		R. Smistad, capital		65,750
Cash		28,370		R. Smistad, drawings		75,000
Cost of goods sold		271,500		Rent expense		24,600
Depreciation expense		7,030		Salaries expense		50,400
Equipment		35,000		Salaries payable		2,250
Furniture		42,000		Sales		474,000
Insurance expense		3,575		Sales returns and allowances		16,300
Interest expense		2,200		Supplies		950
Interest payable		575		Supplies expense		6,325
Merchandise inventory		70,450		Unearned revenue		2,600

1, Prepare the income statement

2. Prepare the owner's equity

3. Prepare the balance sheet

4.Calculate the gross profit margin and profit margin. (Round answers to 1 decimal place, e.g. 52.7%.)