Use the following to answer questions 23 - 30 PMJ Corp. reported the following income statement results: Sales Sales returns & allowances Gross profit Operating expense Gain on sale of equipment Net income $800,000 2,000 344,700 215,300 4,000 94,900 23. $ Calculate Net sales Calculate Cost of Goods Sold Calculate operating income Calculate Income before Income tax (IBT) Calculate income tax expense -- _ _%. Calculate the gross profit margin (one decimal place) 29. __ _ __%. Calculate the profit margin (one decimal place) 30, $ determine IBT. Assume the company had a loss (instead of the gain) on the sale of equipment of $2,000, Use the following to answer questions 31-32 Last year T, Inc., had the following expenditures related to developing its trademark: General advertising costs Advertising specifically focused on trademark Legal fees to register trademark Legal fees for successful defense of new trademark Total $224,000 45,500 600 75.000 $344,600 During your year-end review of the accounts related to intangibles, you discover that the company has capitalized all the above as costs of the trademark. Management contends that all the costs increase the value of the trademark and, therefore, should be capitalized. 31. Which of the above costs should NOT be capitalized? 32. $ What is the total cost that should be capitalized to the trademark account