Exercise 5-09 a-b In its income statement for the year ended December 31, 2022, Blue Spruce Corp. reported the following condensed data. Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense $558,000 1,184,400 85,200 78,000 372,000 Loss on disposal of plant assets Sales revenue Income tax expense Sales discounts Utilities expense $100,200 2,652,000 30,000 192,000 132,000 Income Statement For the Year Ended December 31, 2022 Net Sales Cost of Goods Sold TGross Profit __ x Your answer is incorrect. Try again. Calculate the profit margin and gross profit rate. (Round answers to o decimal places, e.g. 15%.) Profit margin Gross profit rate