Part 4 Income Statement . The inf Kanishka Corporation. Amounts are listed in alphabetical order formation below is taken from the year end accounting records of Account Amount Dividends Gross profit Operating expenses Sales revenue Total assets $ 2,000 38,800 22,000 80,000 100,000 Use the information in the above table to answer the next 3 questions: SHOW WORK for full or partial credit 16. 17. 18. How much is Cost of Goods Sold (COGS)? How much is net income? What is the gross profit rate? On December 1, Year 1 RETAIL STORE sells a $1,500 computer. Customer Nancy pays $500 in cash and signs an installment agreement for the remaining $1,000 to be paid the following year, Year 2. On the income statement of RETAIL STORE, how much revenue should be recognized? 19. a. In Year 1 b. In Year 2