E5-8 (Algo) Preparing a Classified (Multiple-Step) Income Statement and Computing the Gross Profit Percentage LO5-3 The following data were taken from the records of Township Corporation at December 31 of the current year: Sales revenue $ 90,000 Gross profit 31,000 Selling (distribution) expense 5,200 Administrative expense ? Pretax income 12,500 Income tax rate 35% Shares of stock outstanding 3,000 Required: Prepare a complete, classified (multiple-step) income statement for the company (showing both gross profit and income from operations). What is the gross profit percentage?