Multiple-Step Income Statements SPINX, INC. STATEMENT OF EARNINGS FOR THE YEAR ENDED DECEMBER 31, CURRENT YEAR Net sales $4,395,253 Costs and expenses: Cost of goods sold Operating expenses Interest revenue Earnings before income tax Income tax expense (2,821,455) (1,004,396) _15.797 $585,199 (204,820) $ 380,379 $1.70 Net earnings Earnings per share Comparative balance sheets report average total assets for the year of $2,575,000 and average total equity of $1,917,000 (dollar amounts in thousands, except earnings per share). a. Prepare an income statement for the year in a multiple-step format. b. Compute the (1) gross profit rate, (2) net income as a percentage of net sales, (3) return on assets, and (4) return on equity for the year. (Round computations to the nearest one-tenth of 1 percent.) c. Explain why interest revenue is not included in the company's gross profit computation