4. Exercise 14.5 Multiple-Step Income Statements (LO14-5) SPINX, INC. Statement of Earnings For the Year Ended December 31, 2015 Net sales $ 4,395,253 Costs and expenses: Cost of goods sold (2,821,455 ) Operating expenses (1,004,396 ) Interest revenue 15,797 Earnings before income tax $ 585,199 Income tax expense (204,820 ) Net earnings $ 380,379 Earnings per share $ 1.70 Comparative balance sheets report average total assets for the year of $2,575,000 and average total equity of $1,917,000 (dollar amounts in thousands, except earnings per share). a. Prepare an income statement for the year in a multiple-step format. (Round your Earnings per share to 2 decimal places.) b-1. Compute the gross profit rate. (Round your percentage answers to 1 decimal place. i.e. 0.1234 as 12.3%.) b-2. Compute the net income as a percentage of net sales. (Round your percentage answers to 1 decimal place. i.e. 0.1234 as 12.3%.)