In its income statement for the year ended December 31, 2022, Cheyenne Corp.reported the following condensed data. Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense $520,800 Loss on disposal of plant assets 1,125,180 Sales revenue 80,940 Income tax expense 74,100 Sales discounts 353,400 Utilities expense $95,190 2,519,400 28,500 182,400 125,400 (a) Your Answer Correct Answer Your answer is correct. Prepare a multiple-step income statement. (List other revenues before other expenses.) Cheyenne Corp. Income Statement For the Year Ended December 31, 2022 Sales Sales Sales Revenue $ 2,519,400 Less 2 : Sales Discounts (182,400) i (182,400) Net Sales 2,337,000 Net Sales 2,337,000 Cost of Goods Sold (1,125,180) i Gross Profit 1,211,820 Operating Expenses Depreciation Expense Depreciation Expense C 353,400 Salaries and Wages Expense 953,400 i 520,800 i 2 25,400 Utilities Expense valities Expense C 125,400 Total Operating Expenses 999,600 i Income From Operations 212,220 Other Revenues and Gains 4 Interest Revenue Interest Revenue 74,100 Other Expenses and Losses Loss on Disposal of Plant Assets 95,190 Interest Expense 80,940 (176,130) Income Before Income Taxes 110,190 Income Before Income Taxes 110,190 Income Tax Expense (28,500) i Net Income /(Loss) 81,690 eTextbook and Media List of Accounts Attempts: 6 of 6 used Calculate the profit margin and gross profit rate. (Round answers to 2 decimal place, e.g. 15.20%.) Profit margin Gross profit rate eTextbook and Media List of Accounts Save for Later Attempts: 0 of 6 used Submit