Srom statement of income. BE5.8 (LO 4) Saguenay Limited reports the following information: sales $1,070,000; cost of goods sold $658,000; administrative expenses $160,000; selling expenses $110,000; other income $26,000; other expenses $35,000; and income tax expense $27,000. Assuming Saguenay uses a multiple-step statement of income, calculate the following: (a) gross profit, (b) income from operations, (c) income before income tax, and (d) net income. Identify placement of items on statement of income