CAB Ltd. Has collected the following data and asks you to prepare the Income statement Cost of Merchandise Sold Amortization Expense Loss on Goodwill NSF fees Expense Rental Equipment Expense Advances from customers Gain from asset disposition Accounts Receivable Sales Revenue $146,622 $8,000 $4,309 $1,300 $1,000 $500 $7,000 $20,000 $150,000 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: $

CAB Lid. Has collected the following data and asks you to prepare the Income statement: Required 1: CAB's net income (loss) for the year must have been: Required 2 CAB's merchandising gross matgin for the year must have been