Problem 1 (25 marks) The following were balances of certain accounts of Sandy Corporation for the year of 2017: *Freight-out is shipping cost for deliveries to customers and classified as a sales expense. 1. Calculate net sales for 2017 2. Calculate cost of goods sold for 2017 3. Calculate total sales expenses for 2017 Calculate total administration expenses for 2017 5. Prepare a condensed multi-step 2017 income statement for Sandy Corporation, showing exnenses hy nature (Sandv's effective tax rate on all items is 20% )