PROBLEM 1: Multi-Step Income Statement (18 POINTS) Below are eighteen select account balances in alphabetical order taken from ABC Company's 12/31/2019 adjusted trial balance. ABC Company is a clothing retailer $ $ Accounts Payable Cash Common Stock Cost of Goods Sold Depreciation Expense Dividends Dividend Revenue Freight-Out Gain on Sale of Land 10,000 87.000 250.000 210.000 12,500 2.700 3,300 2,500 140,000 Income Tax Expense Insurance Expense Interest Expense Loss Due to Employee Strike Prepaid Advertising Salaries Expense Sales Returns & Allowances Sales Revenue Uneamed Revenue (products to ship in 2020) 17,220 12,000 4,100 16,400 2.000 195.000 8,800 400,000 15,300 INSTRUCTIONS: A. On the following page prepare a MULTI-STEP INCOME STATEMENT in good form. Be sure to include headers, sub-headers, etc, where appropriate. You may or may not use all the accounts listed above. B. How much is the gross profit rate for 2019? (Express as XXX%) GROSS PROFIT RATIO: C. List ONE way ABC Company can increase its Gross Profit Rate. (if you list more than one, only your first answer will be graded)