BC Ltd. Has collected the following data and asks you to prepare the Income statement:

Cost of Merchandise Sold	$55,640
Machine Depreciation Expense	$8,000
Income Tax Expense	$6,512
Bank fees Expense	$1,300
Insurance Expense	$1,000
Utilities Expense	$500
Gain from asset disposition	$7,000
Sales Commisions Expense	$20,000
Sales Revenue	$100,000

Required 1: BCs net income for the year must have been: $

Required 2: BCs merchandising gross margin for the year must have been: $