Part B Computational Questions (Please show your work for partial credits) 25, 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 Using the amounts above, what amount is reported on the income statement for: Q1 Gross profit? Q2 Net income? Using the amounts above, compute the: Q3 Gross profit rate. Q4 Profit margin. Page 6