Complete a Multi-Step Income Statement using the information below and then calculate the ratios requested. Assume that this is a merchandising-focused business with a 35% federal tax rate. Not all information may be relevant. Answers must be marked in dollars ($) or as a percentage (%) where appropriate. Round the ratios to the nearest tenth. You should not have to round the dollar values from the Income Statement section (e.g., "$100,000" and "50.00%"). When in doubt, copy the formatting of the question. Beginning Inventory: $230,000 Ending Inventory: $100,000 Incidental Rental Income: $2,000 Insurance Expense: $16,000 Inventory Purchases (unadjusted): $130,000 Legal Fees: $200,000 Prepaid Insurance $14,000 Purchase Returns & Allowances: $10,000 Salaries & Wages Expense: $15,000 Sale of Scrap from manufacturing: $12,000 Sales Revenue: $1,500,000 Sales Returns & Allowances: $40,000 Sales Discounts: $60,000