Presented below is information for Ivanhoe Co. for the month of January 2022. Cost of goods sold $221,000 Rent expense $33,500 Freight-out 9,700 Sales discounts 8,600 Insurance expense 14,600 Sales returns and allowances 20,000 Salaries and wages expense 63,400 Sales revenue 392,500 Income tax expense 4,300 Other comprehensive income (net of $400 tax) 2,000 Prepare an income statement using the multiple-step format. IVANHOE CO. Income Statement choose the accounting period Select a closing name for section one Enter an income statement item Sales Revenue $Enter a dollar amount 392500 select between addition and deduction: Enter an income statement item Sales Returns and Allowances $Enter a dollar amount 20000 Enter an income statement item Sales Discounts Enter a dollar amount 8600 Enter a subtotal of the two previous amounts 28600 Select a closing name for section one Enter a total amount for section one 363900 Enter an income statement item Cost of Goods Sold Enter a dollar amount 221000 Select a summarizing line for the first part Enter a total amount for the first part 142900 Select an opening name for section two Enter an income statement item Salaries and Wages Expense Enter a dollar amount 63400 Enter an income statement item Rent Expense Enter a dollar amount 33500 Enter an income statement item Insurance Expense Enter a dollar amount 14600 Enter an income statement item Freight-Out Enter a dollar amount 9700 Select a closing name for section two Enter a total amount for section two 121000 Select a summarizing line for the second part Enter a total amount for two parts 21700 Enter an income statement item Income Tax Expense Enter a dollar amount 4300 Select a closing name for this statement $Enter a total net income or loss amount 17400 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare a comprehensive income statement. IVANHOE CO.

Comprehensive Income Statement choose the accounting period Select an opening name for this statement $Enter a dollar amount Enter an income statement item Enter a dollar amount Select a closing name for this statement $Enter a total Comprehensive Income or loss amount

Calculate the profit margin and the gross profit rate. (Round answers to 1 decimal place, e.g. 15.2%.) Profit margin enter Profit margin in percentages rounded to 1 decimal place % Gross profit rate enter Gross profit rate in percentages rounded to 1 decimal place %