In its income statement for the year ended December 31, 2014, Gavin Company reported the following condensed data.
| Salaries and wages expenses | $465,000 | Loss on disposal of plant assets | $ 83,500 |
| Cost of goods sold | 987,000 | Sales revenue | 2,210,000 |
| Interest expense | 71,000 | Income tax expense | 25,000 |
| Interest revenue | 65,000 | Sales discounts | 160,000 |
| Depreciation expenses | 310,000 | Utilities expense |
110,000 |
Prepare a multiple-step income statement
Calculate the profit margin and gross profit rate.
**could you answer this in the next 10 minutes? I have a deadline, thanks
