In its income statement for the year ended December 31, 2022, Concord Corporation reported the following condensed data.

Salaries and wages expenses		$399,900		Loss on disposal of plant assets		$71,810
Cost of goods sold		848,820		Sales revenue		1,900,600
Interest expense		59,640		Income tax expense		21,500
Interest revenue		55,900		Sales discounts		137,600
Depreciation expense		266,600		Utilities expense		94,600

Prepare a multiple-step income statement. (List other revenues before other expenses.) Concord Corporation Income Statement For the Year Ended December 31, 2022 Sales Sales Revenue 1900600 Less Sales Discounts 137600 Net Sales 1763000 Cost of Goods Sold 848820 Gross Profit 914180 Operating Expenses Salaries and Wages Expense 399900 Depreciation Expense 266600 Utilities Expense 94600 X Net Income / (Loss) 153080 Net Income / (Loss) 149340 Net Income /(Loss) Net Income /(Loss) Net Income / (Loss) Loss on Disposal of Plant Assets 71810 Net Income / (Loss) 56030 x Your answer is incorrect. Try again. Calculate the profit margin and gross profit rate. (Round answers to 0 decimal places, e.g. 15%.) Profit margin % Gross profit rate 1%