Vall Book Mart selis books and other supplles to students in a state where the sales tax rate is 7 percent. Vall Book Mart engaged in the following transactions for Year 1 . Sales tax of 7 percent is collected on all sales. 1. Book saies, not including sales tax, for Year 1 amounted to $279,000 cash. 2. Cash sales of miscellaneous items in Yeat 1 were $148,000, not including tax. 3. Cost of goods sold was $208,000 for the year. 4. Paid $129,000 in operating expenses for the year. 5. Pald the sales tax collected to the state agency. Required a. What is the total amount of sales tax Vali Book Mart collected and paid for the year? b. What is Vail Book Mart's net Income for the year