Exercise 5-10 Suppose in its income statement for the year ended June 30, 2022, The Clorox Company reported the Salaries and wages expenses Depreciation expense Sales revenue Interest expense Advertising expense Sales returns and allowances $ 460 Research and development expense 90 Income tax expense 7,030 Loss on disposal of plant assets 161 Cost of goods sold 499 Rent expense 230 Utilities expense $ 114 634 46 3,400 105 Assume a tax rate of 34%. Prepare a multiple-step income statement. (Round answers to 0 decimal places, e.g. 15,222.) The Clorox Company Income Statement (amounts in millions) $ Calculate the gross profit rate and the profit margin. (Round answers to 1 decimal place, e.g. 15.2%.) Gross profit rate Profit margin Assume the marketing department has presented a plan to increase advertising expenses by $340 million. It expects this pla Increase both sales revenue and sales returns and allowances by 25%.) Redo parts (a) and (b) and discuss whether this plai Prepare a multiple-step income statement. (Round answers to 0 decimal places, e.g. 15,222.) The Clorox Company Income Statement (amounts in millions) Calculate the gross profit rate and the profit margin. (Round answers to 1 decimal place, e.g. 15.2%.) Gross profit rate Profit margin Click if you would like to Show Work for this question: Open Show Work