The following information was drawn from the 2013 accounting records of Foster Merchandisers:

1. Inventory that had cost $19,400 was sold for $31,500 under terms 2y20, nety30. 
2. Customers returned merchandise to Foster. The merchandise had been sold for a price of $1,350. The merchandise had cost Foster $920. 
3. All customers paid their accounts within the discount period. 
4. Selling and administrative expenses amounted to $4,700. 
5. Interest expense amounted to $420. 
6. Land that had cost $7,000 was sold for $9,250 cash. 

Required: 

a. Determine the amount of net sales. 
b. Prepare a multi step income statement. 
c. Where would the interest expense be shown on the statement of cash flows? 
d. How would the sale of the land be shown on the statement of cash flows? 
e. Explain the difference between a gain and revenue.