Saved The following information was drawn from the Year 1 accounting records of Ozark Merchandisers. 1 1. Inventory that had cost $23,400 was sold for $42,120 under terms 2/20. net30 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 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.) Ne sales 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.) OZARK MERCHANDISERS Income Statement For the year ended December 31 Year 1 0 Operating expenses