Spring Semester MBA Accounting & Management Information System ACCT500811902 Ortiz Co. had the following account balances: Sales revenue $ 120,000 losses due to an earthquake 60,000 sales commission 4,000 sales discount 8,000 Impairment loss of land 25,000 costs of goods sold 65,000 Sales returns 11,000 Advertising expense 13,000 What amount would Ortiz report as gross profits in its income statement? Select one: a. $55,000 b. $51,000 c. $36,000 d. $44,000 e. $32,000 MacBook Air LED TA