Using your accounting knowledge, find the missing amounts in the
following separate income statements. (Amounts to be
deducted should be indicated by a minus sign.)abcdeSales$62,000$43,500$46,000fill in blank$25,600Cost of goods soldMerchandise inventory (beginning)8,00017,0507,5008,0004,560Total cost of merchandise purchases38,000fill in blankfill in blank32,0006,600Merchandise inventory (ending)(11,950)(3,000)(9,000)(6,600)(4,160)Cost of goods sold34,05016,000fill in blankfill in blank7,000Gross profit27,950fill in blank3,75045,60018,600Expenses10,00010,65012,1503,6006,000Net income (loss)$17,950$16,850$(8,400)$42,000$12,600