Check my work The following Information was drawn from the Year 1 accounting records of Ozark Merchandisers: 1. Inventory that had cost $19.200 was sold for $30,720 under terms 2/20.net/30. 2. Customers returned merchandise to Ozark five days after the purchase. The merchandise had been sold for a price of $1,054. The merchandise had cost Ozark $680. 3. All customers paid their accounts within the discount period, 4. Selling and administrative expenses amounted to $3,072. 5. Interest expense paid amounted to $270. 6. Land that had cost $6,700 was sold for $7,705 cash 32 Required a. Determine the amount of net sales. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Nosales Check m b. Prepare a multistep income statement. (Round your intermediate calculations and final answer to the nearest whole dollar amount. Amounts to be deducted and losses should be indicated with a minus sign.) OZARK MERCHANDISERS Income Statement For the year ended December 31, Year 1 Operating expenses 0 Non-operating items c. Where would the interest expense be shown on the statement of cash flows? Operating activities O Investing activities Financing activities 52 d. How would the sale of the land be shown on the statement of cash flows? The full sales price of the land, $7705, would be shown as a cash inflow from financing activities on the statement of cash flows. The full sales price of the land, $7705, would be shown as a cash flow from investing activities on the statement of cash flows The full sales price of the land, $7705, would be shown as a cash inflow from operating activities on the statement of cash flows