In 2021, Modder Corporation reported sales of $250,000, cost of goods sold of $137.500, operating expenses of $50,000, and income tax expense of $20,000. In 2020, it reported sales of $200,000, cost of goods sold of $114,000. operating expenses of $40,000, other revenues of $10,000, and income tax expense of $15,000. (a) Calculate the gross profit and net income for each year. 2021 2020 Gross profit $ Net income $ $ Sain Advertising Ltd.'s opening trial balance on January 1 shows Supplies $1,500. On January 11, the company purchased additional supplies for $1,800 on account. On January 31, there are $1,100 of supplies on hand. (d) Using Taccounts, enter the opening balances in the affected accounts, post the journal entries above, and indicate the adjusted balance in each account. (Post entries in the order of journal entries presented in the previous question) Supplies Supplies Expense The following selected accounts from Kai Corporation's general ledger are presented below for the year ended December 31. 2021: Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Cost of goods sold Depreciation expense $98.000 148,000 573.000 12.000 300.000 1.925,000 278,000 Equipment Income tax expense Insurance expense Inventory Prepaid expenses Retained earnings Salaries expense Sales $1.664.000 132,000 128,000 374,000 45,000 676.000 921.000 3,980,000 (a) Prepare a single-step statement of income. CODOTTOM