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The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: 1. Inventory that had cost $20,400 was sold for $36,720 under terms 2/20.net/30 2. Customers returned merchandise to Ozark five days after the purchase. The merchandise had been sold for a price of 51254. The merchandise had cost Ozark $760. 3. All customers paid their accounts within the discount period 4. Selling and administrative expenses amounted to $3,672 5. Interest expense paid amounted to $290. 6. Land that had cost $6.900 was sold for $8,625 cash Required a. Determine the amount of net sales b. Prepare a multistep income statement c. Where would the interest expense be shown on the statement of cash flows? d. How would the sale of the land be shown on the statement of cash flows? Answer is complete but not entirely correct. d. How would the sale of the land be shown on the statement of cash flows? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req A ReqB Reg C and D Prepare a multistep income statement. (Round your intermediate calculations and final answer to the amount. Amounts to be deducted and losses should be indicated with a minus sign.) OZARK MERCHANDISERS Income Statement For the year ended December 31, Year 1 Net sales $ 36,757 X Cost of goods sold 19,640 Gross margin 17.117 Operating expenses Utilities expense 3,672 13.445 Operating income Non-operating items Gain on sale of land Interest expense 1.725 (290) $ 14,880 Net income