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In its income statement for the year ended December 31, 2017, Cullumber Company reported the following condensed data. Salaries and wages expenses $534,750 Loss on

In its income statement for the year ended December 31, 2017, Cullumber Company reported the following condensed data.

Salaries and wages expenses $534,750 Loss on disposal of plant assets $ 96,025
Cost of goods sold 1,135,050 Sales revenue 2,541,500
Interest expense 81,650 Income tax expense 28,750
Interest revenue 74,750 Sales discounts 184,000
Depreciation expense 356,500 Utilities expense 126,500

Prepare a multiple-step income statement

Calculate the profit margin and gross profit rate.

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