The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: 1. Inventory that had cost $23,400 was sold for $42,120 under terms 2/20, net/30. 2. Customers returned merchandise to Ozark five days after the purchase. The merchandise had been sold for a price of $1,392. The merchandise had cost Ozark $960. 3. All customers paid their accounts within the discount period. 4. Selling and administrative expenses amounted to $4,212. 5. Interest expense paid amounted to $340. 6. Land that had cost $7,400 was sold for $8,510 cash. Required a. Determine the amount of net sales. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) X Answer is complete but not entirely correct. Net sales $ 2,820 X b. Prepare a multistep income statement. (Round your intermediate calculations and final answer to the nearest whole dollar amount. Amounts to be deducted and losses should be indicated with a minus sign.) X Answer is not complete. OZARK MERCHANDISERS Income Statement For the year ended December 31, Year 1 Net sales $ 2,820 Cost of goods sold 2,820 Operating expenses Sales discounts X. 56 X 2,764 Non-operating items Interest expense 340 $ 3,104