Part A The FINANCIAL STATEMENTS Cost of goods sold (COGS) Advertising expense Accounts receivable Loss on sale of land $60,000 8,000 30,000 6,000 Dividends Sales revenue Inventory Common stock $ 2,000 100,000 50,000 3,000 000o Using the amounts above, what amount is reported on the income statement for: A1 Gross profit? A2 Net income? Using the amounts above, compute the: A3 Gross profit rate A4 Profit margin. mmarized below