Below you will find selected accounts from the Trial Balance of J&J Merchandising Inc. at 12/31/2025. Use this information to prepare the Multiple Step Income Statement and provide answers to Questions 1 through 4. Note: It is suggested that you prepare the Multiple Step Income Statement on a scrap paper and then answer the questions. Cash 16,500 Accounts Receivable 4,000 Interest Income 3,500 Equipment 50,000 Sales Revenue 365,000 J&J Withdrawals 5,000 General & Administrative Expenses 72,500 J&J Capital 176,000 Cost of Goods Sold 150,000 Sales Discount Forfeited 1,500 Accounts Payable 3,000 Selling Expenses 100,000 Interest Expense 1,000 Accumulated Depreciation, Equipment 6,200 Question 1: Calculate J&J's Gross Profit