c. Prepare an updated gross profit section of a partial income statement accounting for this additional information GREAT ADVENTURES, INC. Partial Income Statement For the Year Ended December 31, 2022 Cost of Goods Sold Gross Profit Now that operations for outdoor clinics and TEAM events are running smoothly, Suzie thinks of another area for business expansion. She notices that a few clinic participants wear multiuse (MU) watches. Beyond the normal timekeeping features of most watches, MU watches are able to report temperature, altitude, and barometric pressure. MU Watches are waterproof, so moisture from Kayaking, rain, fishing, or even diving up to 100 feet wont damage them. Suzie decides to have MU watches available for sale at the start of each clinic. The following transactions relate to purchases and sales of watches during the second half of 2022. All watches are sold for $504 each Jul. 17 Purchased 54 watches for $8,316 ($154 per watch) on account. Jul. 31 Sold 44 watches for $22,176 cash. Aug. 12 Purchased 44 watches for $7,216 ($164 per watch) cash. Aug. 22 Sold 34 watches for $17,136 on account. Sep. 19 paid for watches purchased on July 17. Sep. 27 Receive cash of $11,400 for watches sold on account on August 22. Oct. 27 Purchased 84 watches for $14,616 ($174 per watch) cash. Nov. 20 Sold 94 watches for $47,376 cash. Dec. 4 Purchased 108 watches for $19,872 ($184 per watch) on account. Dec. 8 Sold 44 watches for $22,176 on account