Help 2 Check my 143 points The following income statement was drawn from the records of Butlet Company, a merchandising firm: BUTLER COMPANY Income Statement For the Year Ended December 31, 2014 Sales revenue (7000 units $164) $ 1148,000 Cost of goods sold (7,000 units $84) (588,000 Gross margin 560.000 Sales commissions (10% of sales) (114800 Administrative salaries expense 188,000) Advertising expense 34000 Depreciation expense (49,000) Shipping and handling expenses (7.000 (14,000 units $21 Net income $ 260,200 References Required a. Reconstruct the income statement using the contribution margin format BUTLER COMPANY Income Statement For the Year Ended December 31, 2014 Less: Variable costs References b Calculate the magnitude of operating leverage (Round your answer to 2 decimal places.) Operating loverago times c. Use the measure of operating leverage to determine the amount of net income Butler will eam if sales increase by 10 percent. (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) Net income