Problem #4: In its income statement for the year ended December 31, 2020, Douglas Corporations reported the following condensed data. Salaries and wages expense $465,000 Loss on disposal of plant assets $ 83,500 Cost of goods sold 987,000 Sales revenue 2,210,000 Interest expense 71,000 Income tax expense 25,000 Interest revenue 65,000 Sales discounts 160,000 Depreciation expense 310,000 Utilities expense 110,000 Required: a. Prepare a multiple-step income statement (see Illustration 5.12, pg. 5-19). Fill in the shaded cells. b. Calculate the gross profit rate and the profit margin (please show your work). DOUGLAS CORPORATION Income Statement For the Year Ended December 31, 2020 Sales $ Net sales UN Gross profit Operating expenses Total operating expenses Income from operations..... Other revenues and gains Other expenses and losses ********* Gross profit Operating expenses Total operating expenses Income from operations....... Other revenues and gains Other expenses and losses Income before income taxes Net income b. Gross Profit Rate: Profit margin