Problem-solving: (LO # 3) O'Malley Company earned net income of $350,000 last year. This year it wants to earn net income of $400,000. The company's fixed costs are expected to be $300,000, and variable costs are expected to be 50% of sales. Instructions: (a) Determine the required sales to meet the target net income of $400,000 using the mathematical equation. (b) Using a CVP (cost-volume-profit) income statenlent format, prove your answer to generate the net income of $ 400,000. (c) Find the Margin of safety ratio