Q6: The following amounts were taken from the financial statements of Palmer Company: (2 mark) 2010 2009 Total assets $800,000 $1,000,000 Net sales 720,000 650,000 Cost of goods sold 368,000 320,000 Net income 126,000 117,000 Weighted average number of common shares outstanding 90,000 90,000 Market price of common stock $35 $39 What is the Gross profit rate for 2010