Required: 1.Prepare a multi-step income statement in good form for the year ended December 31, 2019. 2.Show the gross profit rate at the bottom of the statement. Delt public Shop reported the following account balances for the year ended December 31, 2001: Administrative Expenses. $ 55,520 Cost of Goods Sold. 250,500 Depreciation Expenses. 5,500 Interest Expense 2,000 Net Sales.. 450,750 Selling Expense 77,000 Rent Revenue 3,500 Bad Debts Expense 12,700 Income Tax Expense (Income before income tax) .................................. 20%