What entry would you make on an income statement for NET SALES for the year ended December 31, 2011? Gross Sales, $200,000; Sales Returns and Allowances, $5,800; Sales Discounts, $5,700; Merchandise Inventory, January 1, 2011, $67,100; Merchandise Inventory, December 31, 2011, $51,900; Net Purchases, $89,200; Freight In, $700; Salaries, $81,800; Rent, $18,600; Utilities, $1,125; Insurance, $2,175; and Income Tax, $14,900.