Use the following financial information to find the entry you would make on an income statement for GROSS MARGIN for the year ended December $31,2011$:

Gross Sales, $$247,000$; Sales Returns and Allowances, $$7,500$; Sales Discounts, $$7,800$; Merchandise Inventory, January $1,2011,$ $$45,200$; Merchandise Inventory, December $31,2011,$ $$71,500$; Net Purchases, $$91,900$; Freight In$,$ $$1,950$; Salaries, $$97,000$; Rent, $$30,200$; Utilities, $$2,500$; Insurance, $$2,450$; and Income Tax, $$16,350.$