The adjusted trial balance of Maltby property included the following selected accounts: Debit Credit Sales $575,000 Sales Returns and Allowances $ 50,000 Sales Discounts 9,500 Cost of Goods Sold 347,000 Freight-out 2,000 Advertising Expense 15,000 Interest Expense 19,000 Store Salaries Expense 74,000 Utilities Expense 18,000 Depreciation Expense 3,500 Interest Revenue 25,000 Instructions (1). Use the above information to prepare a multiple-step income statement for the year ended December 31, 2007. (2). Calculate the profit margin ratio and gross profit rate. , you must state the formula you are using, show your computations, and explain your findings