The following income statement was drawn from the records of Joel Company, a merchandising firm. Required a. Reconstruct the income statement using the contribution margin format. b. Calculate the magnitude of operating leverage. c. Use the measure of operating leverage to determine the amount of net income Joel will earn if sales increase by 10 percent. Reconstruct the income statement using the contribution margin format. Calculate the magnitude of operating leverage. Use the measure of operating leverage to determine the amount of net income Joel will earn if sales increase by 10 percent. (Round your intermediate calculations and the final answer for "Operating leverage" to 2 decimal place.)