resented below is information for Ivanhoe Company for the month of January 2017. Cost of goods sold $242,420 Rent expense $33,900 Freight-out 16,303 Sales discounts 9,000 Insurance expense 12,600 Sales returns and allowances 20,000 Salaries and wages expense 62,300 Sales revenue 420,000 Income tax expense 5,100 Other comprehensive income (net of $400 tax) 2,000 Prepare an income statement using the multi-step format. IVANHOE COMPANY Income Statement $ : $ $ Prepare a comprehensive income statement. IVANHOE COMPANY Comprehensive Income Statement $ $ Calculate the profit margin and the gross profit rate. (Round answers to 1 decimal place, e.g. 15.2%.) Profit margin % Gross profit rate %