The following is the income statement of The Home Depot, Inc. ($ in millions) Year ended January 29, 2017 Net sales Cost of goods sold Gross profit Selling, general, and administrative expenses Depreciation and amortization Operating income Interest and investment income Interest expense Income before income taxes Income tax expense Net income $94,595 62,282 32,313 17,132 1,754 13,427 36 (972) 12,491 4,534 $ 7,957 Required: 1. Is this income statement presented in the single-step or multiple-step format? 2. What is the company's approximate income tax rate? (Round your final answer to 1 decimal place.) 3. What is the percentage of net income relative to net sales? (Round your final answer to 1 decimal place.) 1. Is this income statement presented in the single-step or multiple-step format? 2. Income tax rate % 3. Net income %