In 2020, Martin Company had net sales of $650,000 and cost of goods sold of $429,000. Operating expenses were $150,000, and interest expense was $10,000. Martin prepares a multiple-step income statement Instructions (a) Compute Martin's gross profit. (b) Compute the gross profit rate. (c) What is Martin's income from operations and net income? (d) If Martini prepared a single-step income statement, what amount would it report for net income