In its income statement for the year ended December 31, 2017, Blossom Company reported the following condensed data. Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense $450,000 Loss on disposal of plant assets 1,149,500 Sales revenue 65,000 Income tax expense 145,200 Sales discounts 300,000 Utilities expense $83,000 2,210,000 25,000 120,000 100,000 Your answer is partially correct. Prepare a multiple-step income statement. (List other revenues before other expenses.) BLOSSOM COMPANY Income Statement For the Year Ended December 31, 2017 - Sales Sales Revenue 2210000 Less : Sales Discounts 120000 Net Sales Cost of Goods Sold 1149500 Gross Profit Operating Expenses Salaries and Wages Expense 450000 i Utilities Expense 100000 Depreciation Expense Total Operating Expenses 300000 com .ention Utilities Expense 100000 Depreciation Expense 300000 Total Operating Expenses Income From Operations Other Revenues and Gains Interest Revenue Other Expenses and Losses Interest Expense 65000 Loss on Disposal of Plant Assets 83000 Income Before Income Taxes Income Tax Expense 25000 Net Income /(Loss) e Textbook and Media List of Accounts * Your answer is incorrect. Calculate the profit margin and gross profit rate. (Round answers to decimal places . 15%) Profit margin Gross profit rate