E5-8 In its income statement for the year ended December 31, 2017, Darren Company Prepare multiple-step income statement and calculate profitability ratios. LO 4, 6), AP reported the following condensed data. Salaries and wages Loss on disposal of plant expense Cost of goods sold Interest expense Interest revenue Depreciation expense $465,000 987,000 71,000 65,000 310,000 assets Sales revenue Income tax expense Sales discounts Utilities expense $ 83,500 2,210,000 25,000 160,000 110,000 XLS Instructions (a) Prepare a multiple-step income statement. (b) Calculate the profit margin and gross profit rate. (c) In 2016, Darren had a profit margin of 5%. Is the decline in 2017 a cause for concern? (Ignore income tax effects.)