Part II: Open Ended Accounting Problems Instructions: Determine a final numerical answer for each question. You will record your ANSWERS ONLY on THPS-1 Answer Submission Form on iCollege. For all questions (unless otherwise specifically instructed), round (if necessary) all answers to whole dollar amounts (i.e., zero decimal places), but you will NOT record the dollar sign or any commas on iCollege. For example, round $24,302.84 to $24,303 and record this value on iCollege at 24303. Financial statement data for Posh Petal Boutique (a high-end clothing retail company) are given below. All figures are in dollars. Use this data to construct an Income Statement for the year ending December 31, 2024 and use your constructed statement to answer the following 4 questions. 15. What was gross profit from Posh Petal Boutique's income statement for the year ending December 31, 2024?Advertising 62,450 Beginning of year inventory 241,740 Depreciation 24,420 Dividends paid to common stockholders 191,600 End of year inventory 225,620 General and administrative expenses 157,130 Gross sales 2,014,500 Interest expense 59,140 Lease payments 205,480 Management salaries 535,860 Purchases 366,640 Research and development 20,730 Returns and allowances 32,230 Taxes 495,570