In its income statement for the year ended December 31, 2014, Gavin Company reported the following condensed data.

Salaries and wages expenses	$465,000	Loss on disposal of plant assets	$83,500
Cost of goods sold	987,000	Sales revenue	2,210,000
Interest expense	71,000	Income tax expense	25,000
Interest revenue	65,000	Sales discounts	160,000
Depreciation expenses	310,000	Utilities expense	110,000

Prepare a multiple-step income statement

Calculate the profit margin and gross profit rate.

**could you answer this in the next 10 minutes? I have a deadline, thanks