Please show all work and steps. Thank you

4 The following Income statement was drawn from the records of Joel Company, a merchandising firm. Skipped JOEL COMPANY Income Statement For the Year Ended December 31 Sales revenue (2,eee units x $125) Cost of goods sold (2,000 units x $65) Gross margin Sales commissions (10% of sales) Administrative salaries expense Advertising expense Depreciation expense Shipping and handling expenses (2,000 units x $1.00) Net income $ 250, eee (130, eee) 120, eee (25, eee) (30, eee) (20,eee) (24, eee) (2,eee) $ 19, eee eBook Hint Required Print a. Reconstruct the income statement using the contribution margin format. b. Calculate the magnitude of operating leverage. c. Use the measure of operating leverage to determine the amount of net Income Joel will earn if sales Increase by 10 percent Complete this question by entering your answers in the tabs below. Reg A Reg Band c Reconstruct the income statement using the contribution margin format. JOEL COMPANY Income Statement For the Year Ended December 31 Less: Variable costs S 0 Less: Fixed costs S 0 Complete this question by entering your answers in the tabs below. Reg A Req B and C Calculate the magnitude of operating leverage. Use the measure of operating leverage to determine the amount of net income Joel will earn if sales increase by 10 percent. (Round your intermediate calculations and the final answer for "Operating leverage" to 2 decimal place.) 6. Operating leverage c. Net income