Presented below is information for Lieu Co. for the month of January 2017 Cost of goods sold Freight-out Insurance expense Salaries and wages expense 60,000 Sales revenue Income tax expense $212,000 Rent expense $32,000 8,000 20,000 370,000 5,000 Other comprehensive income (net of $400 tax) 2,000 7,000 Sales discounts 12,000 Sales returns and allowances Prepare an income statement using the multi-step format. LIEU Co. Income State LIEU Co. Income Statement Calculate the profit margin and the gross profit rate. (Round answers to 1 decimal place, e.g. 15.29%.) Profit margin Gross profit rate