Stockholders of Sammy's Sandwich Shop have prospered during the company's second year of operation. In order to help with decisions about whether to open another sandwich shop, Sammy's has prepared the current income statement of the business. Sheila Lewis, the controller, read in an industry trade journal that a successful two-year-old sandwich shop meets the following criteria: 1. Gross profit percentage is at least 60%. 2. Net income is at least $90,000. Lewis believes the business meets both criteria. She intends to go ahead with the expansion plan and asks your advice on preparing the income statement in accordance with Generally Accepted Accounting Principles. When you point out that the statement includes errors, Lewis assures you that all amounts are correct. But some items are listed in the wrong places. Sammy's Sandwich Shop Income Statement Net Sales Revenue $ 195,000 Gain on Sale of Land 24,600 Total Revenue 219,600 Cost of Goods Sold 85,200 Gross Profit 134,400 Operating Expenses: Salaries Expense 35,600 Interest Expense 6,000 Depreciation Expense 4,800 Utilities Expense 3.700 Total Operating Expense 50.100 Total Operating Expense 50,100 Income from Operations 84,300 Other Income: Sales Discounts Forfeited 10,700 Net Income $ 95,000 Requirement Prepare a corrected multi-step income statement and make a recommendation to Lewis about whether Sammy's Sandwich Shop should undertake the expansion. Ignore classifying the expenses as selling or administrative, O RI