WILDHORSE CO. Income Statement For the Year Ended December 31, 2017 Sales Sales Revenue 3,425,500 Less | Sales Discounts (248,000) Net Sales 3177500 of Goods Sold 1,529,850) Gross Profit 1647650 Salaries and Wages Expense Depreciation Expense Utilities Expense 720,750 480,500 170,500 1371750 Income From Operations 275900 Other Revenues and Gains nterest Revenue 100,750 Other Expenses and Losses Interest Expense 110,050 Loss on Disposal of Plant Assets 129,425 239475 Income Before Income Taxes 37175 Income Tax Expense 38,750 98425 Net Income (Loss) Click if you would like to Show Work for this question: Open Show Work (b) Your answer is incorrect. Try again Calculate the profit margin and gross profit rate. (Round answers to 1 decimal place, e.g. 15.2%.) Profit margin Gross profit rate