Exercise 5-10 (Part Level Submission) Suppose in its income statement for the year ended June 30, 2022, The Clorox Company reported the following condensed data (dollars in millions). 450 Resend e t pense Salaries and wages expenses Depreciation expense Sales revenue otes 10,030 n 161 Cost of Advertising expense Sales returns and allowances 230 Assume a tax rate of 34%. (a) Your answer is correct. Prepare a multiple-step income statement. (Round answers to o decimal places, e.g. 15,222.) The Clare Company Income Statement Free (amounts in millions) Sales Returns and Allowances et Sales Cost of Goods Sole rest Operating Advertising Expense Total Operating en Income From Operations Other perses and L es Income before income et Income (Los) Met Become Attemptse 1 of used (b) (c1) Assume the marketing department has presented a plan to increase advertising expenses by $340 million. It expects this plan to result in an Increase in both net sales and cost of goods sold of 25%. (Hint: Increase both sales revenue and sales returns and allowances by 25%.) Redo parts (a) and (b) and discuss whether this plan has merit. (Assume a tax rate of 34%, and round all amounts to whole dollars.) Prepare a multiple-step income statement. (Round answers to O decimal places, e.g. 15,222.) The Clorox Company Income Statement For the Year Ended June 30, 2022 (amounts in millions) Cost of Goods Sold