D G A B E F 3 BE5.12 Using Excel to Determine Statement of Income 4 Amounts and Profitability Ratios S PROBLEM 6 In 2021 and 2020, Modder Corporation reported the following 7 amounts H L M N Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem or the work area as indicated. 8 a. Calculate the gross profit and net income for each year. 9 10 2021 2020 Gross profit 11 12 Sales Cost of goods sold Operating expenses Other income Income tax expense 2021 2020 $ 2,50,000 $2,00,000 1,37,500 1,14,000 50,000 40,000 10,000 20,000 15,000 Net income 13 14 15 16 17 18 b. Calculate the gross profit margin and profit margin for each year. 2021 2020 Gross profit margin 19 Profit margin 20 21 C. Comment on Modder's changing profitability 22 23 24 Modder Corporation's gross profit margin in 2021 because 15 26 In 2021, the company's profit margin 15,000 b. Calculate the gross profit margin and profit margin for each year. 2021 2020 Gross profit margin Profit margin C. Comment on Modder's changing profitability. Modder Corporation's gross profit margin in 2021 because In 2021, the company's profit margin in 2021. Operating expenses