In its income statement for the year ended December 31, 2022, Sheffield Corp. reported the following condensed data. $91,850 Salaries and wages expenses Cost of goods sold Interest expense Interest revenue $511,500 Loss on disposal of plant assets 1,085,700 Sales revenue 78,100 Dincome tax expense 2,431,000 27.500 71.500 Sales discounts 176,000 Depreciation expense 341,000 Utilities expense 121,000 (a) Your answer is correct. Dare a multiple-step income statement. (List other revenues before other expenses.) Sheffield Corp. Income Statement For the Year Ended December 31, 2022 Revenue 2.431,000 w Sales Discounts 176,000 2,255,000 -ales 1,085,700 of Goods Sold 1.169,300 ss Profit rating Expenses preciation Expense 341000 laries and Wages Expense 511,500 ilities Expense 121,000 OCEAN 121,000 i es Expense 973,500 Operating Expenses 195,800 me From Operations Revenues and Gains 71,500 rest Revenue er Expenses and Losses ss on Disposal of Plant Assets 91.8501 erest Expense 78.100 1 169.950 97.350 ime Before Income Taxes 27.500 me Tax Expense 69,850 Income /(Loss) Calculate the profit margin and gross profit rate. (Round answers to decimal places, eg. 15%) Profit margin 1 % Gross profit rate %