Requirement 1. Supply the missing income statement amounts for each of the companies. Beginning Net Ending Cost of Company Net Sales Inventory Purchases Inventory Goods Sold Gross Profit Gerald 108,000 $ 26,000 $ 61,000 $ 19,000 $ 68,000 $ 40,000 Creegan 139,000 $ 31,000 $ 96,000 $ 35,000 $ 92,000 $ 47,000 Ethan 90,000 $ 31,000 $ 58,000 $ 23,000 $ 66,000 $ 24,000 Quinn 82,000 $ 12,000 $ 26,000 $ 7,000 $ 31,000 $ 51,000 Requirement 2. Prepare the income statement for Gerald Company for the year ended December 31, 2024. Use the cost-of-goods-sold model to calculate cost of goods sold. Gerald's operating and other expenses for the year were $39,000. Ignore income tax. Gerald Company Data Income Statement Year Ended December 31, 2024 Beginning Net Ending Cost of Net sales revenue 108000 Company Net Sales Inventory Purchases Inventory Goods Sold Gross Profit Cost of goods sold: Gerald 108,000 $ 26,000 $ 61,000 $ 19,000 Beginning inventory 26000 Creegan 139,000 31,000 35,000 47,000 Net purchases 61000 Ethan @ 58,000 23,000 66,000 24,000 Cost of goods available Quinn 82,000 12,000 26,000 31,000 Ending inventory Cost of goods sold Gross profit Print Done Operating and other expenses Net income (loss) IX Requirements Get more help - 1. Supply the missing income statement amounts for each of the companies. 2. Prepare the income statement for Gerald Company for the year ended December 31, 2024. Use the cost-of-goods-sold model to calculate cost of goods sold. Gerald's operating and other expenses for the year were $39,000. Ignore income tax