Problem VII: Mayview Inc.'s adjusted trial balance indicates the following income statement account balances at the end of 20X1: Mayview Inc. Adjusted Trial Balance (partial) 12/31/X1 Debit Credit Sales Revenue Sales Discounts Sales Returns and Allowances Cost of Goods Sold Bad Debts Expense Depreciation Expense Interest Expense Salaries Expense Rent Expense Utilities Expense Income Tax Expense $850,000 $10,000 20,000 320,000 6,000 70,000 4,000 90,000 20,000 10,000 60,000 Required: On scrap paper, prepare a multi-step income statement using the income statement account balances above. Next, answer the following questions A. What amount should Mayview report as its "net sales"? Answer: S B. What amount should Mayview report as its "gross profit" (also known as gross margin)? Answer: S C. What amount should the company report as its "operating income"? Answer: S D. What amount should the company report as its "income before income taxes"? Answer: S_ E. What amount should the company report as its "net income"? Answer: SKE