AB Ltd. Has collected the following data and asks you to prepare the Income statement Cost of Merchandise Sold $220,250.00 $4,000 Depreciation Expense Income Tax Expense $10,000 Rent Expense $3,000 Interest Expense $1,000 Property Tax Expense $2,000 Rental Revenue $30,000 Salary Expense $85,000 Sales Revenue $314,040.00 Required 1: AB's net income for the year must have been: $ Required 2: AB's merchandising gross margin for the year must have been: $