balance as of December 31 Advertising Expense $ 11,700 Cast of Goods Sold B7,000 Delivery Expense 4,600 Insurance Expense 1,200 Income Tax Expense 6,400 Rent Expense 10,700 Interest Expenso 1,200 Sales Revenue 160, 700 Sales Discounts 9,500 Sales Returns . Allowances 18,800 Required: a. Prepare a multistep Income statement. Include all operating expenses in one line item called "Selling, General and Administrative Expenses" and all non-operating revenues(expenses) in one line Item called "Other Revenue (Expenses), net" b. Compute the gross profit percentage Complete this question by entering your answers in the tabs below. Required A Required B Prepare a multistep income statement. Include all operating expenses in one line item called "Selling, General and Administrative Expenses and all non-operating revenues(expenses) in one line item called "other Revenue (Expenses), net! MULBERRY STREET SPORTSWEAR Income Statement The following is a listing of all of the income statement accounts for Mulberry Street Sportswear as they appear on the adjusted trial balance as of December 31, Advertising Expense $ 11,700 Cost of Goods Sold 87,000 Delivery Expense 4.600 Insurance Expense 1,200 Income Tax Expense 6,400 Rent Expense 10,700 Interest Expense 1,200 Sales Revenue 160,700 Sales Discounts 9.500 Sales Returns . Allowances 18,800 Required: a. Prepare a multistep Income statement. Include all operating expenses in one line item called "Soling, General and Administrative Expenses and all non-operating revenues(expenses) in one line item called "Other Revenue (Expenses), net". b. Compute the gross profit percentage Complete this question by entering your answers in the tabs below. Required Required a Compute the gross profit percentage. (Round your answer to 1 decimal place (.e. 0.1234 should be entered as 12.3).) Gross Profit %