Exercise 5-6 Presented below is information for Crane Company for the month of January 2017. Cost of goods sold $214,200 Rent expense $33,600 Freight-out 9,800 Sales discounts 8,200 Insurance expense 12,500 Sales returns and allowances 19,000 Salaries and wages expense 62,500 Sales revenue 397,000 Income tax expense 4,800 Other comprehensive income (net of $400 tax) 2,000 Prepare an income statement using the multi-step format. CRANE COMPANY Income Statement min. CRANE COMPANY Income Statement 16.395 13 Prepare a comprehensive income statement. CRANE COMPANY Comprehensive Income Statement Calculate the profit margin and the gross profit rate. (Round answers to 1 declimal place, e.g. 15.2%.) % Profit margin % Gross profit rate Open Show Work Click if you would like to Show Work for this