Suppose in its income statement for the year ended June 30, 2022, The Clorox Company reported the following condensed data (dollars in millions). $ 114 804 46 Salaries and wages expenses Depreciation expense Sales revenue Interest expense Advertising expense Sales returns and allowances $ 460 Research and development expense 90 Income tax expense 8,030 Loss on disposal of plant assets 161 Cost of goods sold 499 Rent expense 230 Utilities expense 3,900 Assume a tax rate of 34%. Prepare a multiple-step income statement. (Round answers to 0 decimal places, e.g. 15,222.) The Clorox Company Income Statement (amounts in millions) SHOW LIST OF ACCOUNTS Calculate the gross profit rate and the profit margin. (Round answers to 1 decimal place, e.g. 15.2%.) Gross profit rate Profit margin Assume the marketing department has presented a plan to increase advertising expenses by $340 million. It expects this plan to result in an increase in both net sales and cost of goods sold of 25%. (Hint: Increase both sales revenue and sales returns and allowances by 25%.) Redo parts (a) and (b) and discuss whether this plan has merit. (Assume a tax rate of 34%, and round all amounts to whole dollars.) Prepare a multiple-step income statement. (Round answers to o decimal places, e.g. 15,222.) The Clorox Company Income Statement (amounts in millions) SHOW LIST OF ACCOUNTS Calculate the gross profit rate and the profit margin. (Round answers to 1 decimal place, e.g. 15.2%) Gross profit rate Profit margin Click if you would like to Show Work for this question: Qren Show Work