Problem #2 (8 points): Seinfeld, Inc. experienced the following events during the year. 1 Purchased $120,000 of merchandise inventory on account, terms 2/10, n/30 2 The goods that were purchased in event 1 were delivered FOB shipping point. Transportation costs of $3,000 were paid in cash by the responsible party 3 Returned $6,000 of the good purchased in event 1 back to the supplier Paid for the goods in event 1 within the discount period. Paid the balance in cash to the supplier Sold $118,000 of goods to customers. The goods sold cost $90,000. The merchandise sold in event 5 was delivered to customers FOB destination. Transportation costs of $2,800 were paid in cash by the responsible party 7 Paid costs of $18,000 for selling and administrative expenses Sold land with a cost of $24,000 for $29,000 cash 4 5 8 What is Seinfeld, Inc's gross margin, operating income, and net income? What is its gross margin %? Prepare a multi-step income statement for Seinfeld, Inc. You may ignore income tax expense for this