Show Attempt History Current Attempt in Progress Suppose in its income statement for the year ended June 30, 2022. The Clocox Company reported the following condensed data (dollars in miltions). Utilities Expense Research and Development Expense Total Operating Expenses Income From Operations Other Expenses and Losses Interest Expense Loss on Disposal of Plant Assets Income Before Income Taxes Income Tax Expense Net Incorne / (Loss) eTextbook and Media Assume the marketing department has presented a plan to increase advertising expenses by $340 million, it expects this plan to result in an increase in both net sales and cost of goods sold of 25%. (Hint: increase both sales revenue and sales returns and allowances by 25% ) Redo parts (a) and (b) and discuss whether this plan has merit. (Assume a tax rate of 34% and round all amounts to whole dollars? Prepare a multiple-step income statement. (Round answers to 0 decimal places, es. 15,222.) Your answer is partially correct. Assume the marketing department has presented a plan to increase advertising expenses by $340 million. It expects this plan to result in an increase in both net sales and cost of goods sold of 25%. (Hint: Increase bothsales revenue and sales returns and allowances by 25%.) Redo parts (a) and (b) and discuss whether this plan has merit. (Assume a tax rate of 34%, and round all amounts to whole dollars] Prepare a multiplestep income statement. (Round answars to 0 decimal places, es. 15,222)