The following selected accounts apply to ABC Co. Debit Credit Sales Revenue $645,000 Sales Returns and Allowances $ 50,000 Sales Discounts 9,500 Cost of Goods Sold 396,000 Freight-Out 2,000 Advertising Expense 15,000 Interest Expense 19,000 Salaries and Wages Expense 84,000 Utilities Expense 23,000 Depreciation Expense 3,500 Interest Revenue Instructions 1. Use the above information to prepare a multiple-step income statement for the y 2. Calculate the profit margin and gross profit rate