Multiple-Step Income Statement and Profit Margin The following income statement items, arranged in alphabetical order, are taken from the records of Shaw Corporation for the current year: Advertising expense $1,380 Interest expense $1,273 Commissions expense 2,592 Interest revenue 1,374 Cost of goods sold 29,251 Rent revenue 6,810 Depreciation expense - office building 2,944 Salaries and wages expenseoffice 11,411 Income tax expense 1,554 Sales revenue 48,216 Insurance expense - salespersons auto 2,151 Supplies expenseoffice 825 Required: Assume that Shaw Corporation classifies all operating expenses into two categories: (1) selling and (2) general and administrative. 1. Prepare a multiple-step income statement for the current year. Shaw Corporation Income Statement For the Current Year $ $ Operating expenses: Selling expenses: $ Total selling expenses $ General and administrative expenses: $ Total general and administrative expenses Total operating expenses $ Other revenues and expenses: $ Excess of other revenues over other expenses $ $ 2. Compute Shaw's profit margin. Round your answer to one decimal place. _________________ %