Question 12 Not yet answered Marked out of 17.50 Flag question Time left 0:55:13 Last year Cito's Corporation had sales of $600,000, with a cost of goods sold of $215,000. The firm's operating expenses were $230,000, and its increase in retained earnings was $55,000. There are currently 18,000 shares of common stock outstanding, the firm pays a $1.90 dividend per share, and the firm has no interest-bearing debt. a) Assuming the firm's earnings are taxed at 25 percent, construct the firm's income statement. [ 8.5 Marks] b) Compute the firm's operating profit margin and gross profit margin. [9 marks] Write all the steps clearly