Part A$.$ The following information is available for Entity A: Sales revenue$$2,350,000$ Sales returns and allowances$100,000$ Sales discounts $50,000$ Cost of goods sold $1,300,000$ Operating expenses$725,000$ Interest expense $70,000$ Loss on disposal of equipment $17,000$ Interest revenue $25,000$ Instructions $1.$ Use the above information to prepare a multiple$-$step income statement for the year ended December $31,2024.$ Please look at Illus $5\mathrm{.}12$ in the text for an example.Theincome tax rate is $23\%($round to the nearest dollar$).$ Check figures: Income from operations is $$175,000.$ Net income is $$87,010\mathrm{.}1.(2)$ Compute the profit margin and the gross profit rate. Show and label calculations$\mathrm{.}2.(3)$ Suggest at least three ways these measures might be materially improved and net income increased.Be sure to consider the relationship between net sales, cost$-$of$-$goods$-$sold and gross profit as well as operating expenses.