Question 32 The entity reported the following information in 2020: Cost of goods sold 500,000 Interest expense 10,000 Income tax expense 25,000 Operating expenses 190,000 Sales revenue 800,000 Instructions: Type the numerical answer 1, 2, 3. or 4 in the box after the question. A. How much is to be reported as gross profit? Blank 1 1) 300,000 2) 110,000 3) 100,000 4) 75,000 B. How much is to be reported as net income? Blank 2 1) 300,000 2) 110,000 3) 100,000 4) 75,000 2 Points