BC Ltd. Has collected the following data and asks you to prepare the Income statement: Cost of Merchandise Sold $55,640 Machine Depreciation Expense $8,000 Income Tax Expense $6,512 Bank fees Expense $1,300 Insurance Expense $1,000 Utilities Expense $500 Gain from asset disposition $7,000 Sales Commisions Expense $20,000 $100,000 Sales Revenue Required 1: BC's net income for the year must have been: $ Required 2: BC's merchandising gross margin for the year must have been: $|