CAB Ltd. Has collected the following data and asks you to prepare the Income statement: Cost of Merchandise Sold Amortization Expense $146,652 $8,000 Loss on Goodwill $4,326 NSF fees Expense $1,300 Rental Equipment Expense $1,000 Advances from customers $500 Gain from asset disposition $7,000 $20,000 $150,000 Accounts Receivable Sales Revenue Required 1: CAB's net income (loss) for the year must have been: $ Required 2: CAB's merchandising gross margin for the year must have been: $