Smith and Smith Coporation has the following income statement for 2021 is as follows: Sales $2,800,000 Cost of goods sold 1,780,000 Gross profit 1,020,000 Selling and administrative expense 315,000 Operating profit 705,000 47 Interest expense 51,700 Income before taxes Taxes (30%) Income after taxes 653,300 195,990 $457,310 a. Compute the profit margin in 2021. (Round the final answer to 2 decimal places.) Profit margin % b. Assume in 2022 sales increase by 10 percent and cost of goods sold increases by 20 percent. The firm is able to keep expenses the same. Once again, assume a tax rate of 30 percent. What are the income after taxes and profit margin in 20 the profit margin to 2 decimal places.) Income after taxes Profit margin $ 2022