12. (TCOs B and E) The following information is available for Partin Company.

Sales	$598,000
Sales returns and allowances	20,000
Cost of goods sold	398,000
Selling expense	69,000
Administrative expense	25,000
Interest expense	19,000
Interest revenue	20,000

Instructions: 1: Use the above information to prepare a multiple-step income statement for the year ended December 31, 2007. 2: Compute the profit margin ratio and gross profit rate. Partin Company