Part A. The following information is available for Entity A: Sales revenue Sales returns and allowances Sales discounts Cost of goods sold Operating expenses Interest expense Gain on sale equipment Interest revenue Instructions $321,000 2,000 4,300 230,400 71,400 1,500 2,500 1,000 1. Use the above information to prepare a multiple-step income statement for the year ended December 31, 2023. Please look at Illus. 5.12 in the text for an example. The income tax rate is 25%. Check figures: Income from operations is $12,900. Net income is $11,175. 2. Compute the profit margin and the gross profit rate. Show and label calculations. 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.