The adjusted trial balance of Cullumber Company included the following selected accounts: Debit Credit Sales Revenue $656,000 Sales Returns and Allowances $58,000 Sales Discounts 9,800 Cost of Goods Sold 407,000 Freight-Out 2,200 Advertising Expense 10,000 Interest Expense 23,500 Salaries and Wages Expense 88,000 Utilities Expense 25,000 Depreciation Expense 3,400 Interest Revenue 25,200 Use the above information to prepare a multiple-step income statement for the year ended December 31, 2022. (List other revenues before other expenses.) CULLUMBER COMPANY Income Statement For the Year Ended December 31, 2022 Sales Sales Revenue 656,000 Less 4): Sales Returns and Allowances $ | Sales Returns and Allowances Sales Discounts 58,000 i 9,800 i Sales Discounts 67,800 i Net Sales 588,200 Cost of Goods Sold 407,000 i Gross Profit 181,200 Operating Expenses Freight-Out $ 2,200 Advertising Expense 10,000 Salaries and Wages Expense 88,000 i Utilities Expense veltics Expense C 2 5,000 25,000 i Depreciation Expense 3,400 Total Operating Expenses 4 128,600 i Income Before Income Taxes 4 52,600 Other Revenues and Gains - Interest Revenue 25,200 Other Expenses and Losses Interest Expense (23,500) Net Income /(Loss) 54,300 Calculate the profit margin and gross profit rate. (Round answers to 1 decimal places, e.g. 15.2%.) Profit margin Gross profit rate