Suppose in its income statement for the year ended June 30, 2022, The Clorox Company reported the following condensed data (dollars in millions). $ 460 $ 114 Salaries and wages expenses Depreciation expense 90 Research and development expense Income tax expense Loss on disposal of plant assets 736 Sales revenue 7,630 46 Interest expense 161 Cost of goods sold 3.700 499 Rent expense 105 Advertising expense Sales returns and allowances 230 Utilities expense 60 Assume a tax rate of 34%. 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 20%. (Hint: Increase both sales revenue and sales returns and allowances by 20%.) 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 decimal places, eg. 15,222.) The Clorox Company Income Statement For the Year Ended June 30, 2022 (amounts in millions) Sales Sales Revenue Less Sales Returns and Allowances Sales Revenue $ Less : Sales Returns and Allowances Net Sales $ Cost of Goods Sold Gross Profit Operating Expenses Advertising Expense Depreciation Expense Rent Expense Utilities Expense Advertising Expense Depreciation Expense Rent Expense Utilities Expense Research and Development Expense Salaries and Wages Expense Total Operating Expenses Income From Operations Other Expenses and Losses Interest 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 Income /(Loss)