PROBLEM 5-Multiple Income Statement Hoyle Company gathered the following condensed data for the year ended December 31, 2014 wolltepa LEBO Cost of goods sold Sales Sales Retums and Allowances Selling Expenses Administrative Expenses Interest expense Interest revenue Loss on disposal of Equipment $ 650,000 1.325,000 25,000 120,000 100,000 30,000 20.000 200,000 Instructions a) Prepare a multiple-step income statement b) Compute the gross profit rate. Hoyle Company Multiple-Step Income Statement For the year ended December 31, 2014 Gross Profit Rate