Use the following financial information to construct a 2017 income statement with vertical analysis for Jazzline Jewelers: gross sales, $1,243,000; sales returns and allowances, $76, 540; sales discounts, $21,300; merchandise inventory, Jan 1, 2017, $654,410; merchan- dise inventory, Dec. 31, 2017, $413,200; net purchases, $318,000; freight in, $3,450; salaries, $92,350; rent, $83,100; depreciation, $87,700; utilities, $21,350; advertising, $130,440; insur- ance, $7,920; miscellaneous expenses, $105,900; and income tax, $18,580. Jazzline Jewelers Income Statement For the year ended December 31, 2017 Revenue Gross Sales Less: Sales Returns and Allowances Sales Discounts Net Sales Cost of Goods Sold Merchandise Inventory, Jan 1 Net Purchases Freight In Goods Available for Sale Less: Merchandise Inventory, Dec. 31 Cost of Goods Sold Gross Margin