Freshfields Farm is a local grocery store organized seven years ago as a corporation. The following data (in millions) were taken from its annual report for the fiscal year ended January 3, 2020: Sales of Merchandise $1,300 Income Tax Expense 45 Cash Dividends Paid 21 Selling and Administrative Expense 345 Cost of Goods Sold 800 Interest Expense 5 Other Revenues 5 Required: 1) Based on these data, prepare a multistep income statement. (10 marks) 2) How much was the Gross Profit? What was the Gross Profit Percentage? Explain what these two amounts mean. (10 marks) 3) Evaluate the results in light of the company's 37.5% Gross Profit Percentage in the prior year 2019