Argentina Company gathered the following condensed data for the year ended December $31,2023$:

Cost of goods sold $ $$750,000$

Net sales $,1,200,000$

Operating expenses $,275,000$

Interest expense $,48,000$

Dividend revenue $,38,000$

Casualty loss from vandalism $,125,000$

Instructions

$($a$)$ Prepare a multiple$-$step income statement for the year ended December $31,2023.$

$($b$)$ Calculate gross profit rate

$($a$)$

Argentina Company

Income Statement

$($proper wording for time period$)$

Revenues

Net sales

Gross profit

Income from operations

Net Income

$($b$)$ GROSS PROFIT RATE: