Purchase $$26,000$ merchandise on account

Pay for the merchandise purchased in #$1$

Selling Merchandise on account that has a cost of $$35,000$ and a selling price of $$57,000(2$

entries needed$)$

Collecting the $$57,000$ cash from the sale in #$3$

Sales $=$$$850,000$; Sales Discounts $=$$$36,000$; Sales Returns & Allowances $=$$$19,000$; Cost of Goods

Sold $=$$$320,000$; Office Salaries $=250,000$; Rent expense $=$$$90,000$; Office Supplies Expense $=$$$48,000$;

Dividends $=17,000$

a$.$ Calculate Gross Profit

b$.$ Calculate Net income

c$.$ Prepare Closing Entries.