Hewlett-Packard (HP) Inc. has the following data for 2023:

• Net Sales: $2,200,000
• Cost of Goods Sold: $750,000
• Operating Expenses: $350,000
• Interest Expense: $50,000
• Tax Expense: $95,000

Prepare the income statement and calculate the gross profit margin and net profit margin for Hewlett-Packard (HP) Inc. for the year 2023.