(b) x Your answer is incorrect. Try again. Calculate the profit margin and gross profit rate. (Round answers to 1 decimal place, e.g. 15.2%.) Profit margin Gross profit rate SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Attempts: 1 of 3 used SAVE FOR LATER SUBMIT ANSWER Operating Expenses Salaries and Wages Expense 558000 Depreciation Expense 372000 Utilities Expense 132000 Total Operating Expenses 1062000 Income From Operations Income Before Income Taxes Interest Expense Other Expenses and Losses Loss on Disposal of Plant Assets 100200 X Total Operating Expenses ITTO Income Tax Expense 30000 Net Income / (Loss) Exercise 5-8 (Part Level Submission) In its income statement for the year ended December 31, 2017, Ivanhoe Company reported the following condensed data. Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense $558,000 Loss on disposal of plant assets $ 100,200 1,184,400 Sales revenue 2,652,000 85,200 Income tax expense 30,000 78,000 Sales discounts 192,000 372,000 Utilities expense 132,000 (a) Your answer is partially correct. Try again. Prepare a multiple-step income statement. (List other revenues before other expenses.) IVANHOE COMPANY Income Statement For the Year Ended December 31, 2017 Net Sales Sales Revenue 2652000 Less Sales Discounts 192000 Net Sales 2460000 Cost of Goods Sold 1184400 XI Gross Profit 3644400