Please do not give solution in image format thanku In its income statement for the year ended December 31, 2022, Sheffield Corp. reported the following condensed data.Salaries and wages expensesCost of goods soldInterest expenseInterest revenueDepreciation expense(a)$511,5001,085,70078,10071,500341,000Loss on disposal of plant assetsSales revenueIncome tax expenseSales discountsUtilities expense$91,8502,431,00027,500176,000121,000 are a multiple-step income statement. (List other revenues before other expenses.)RevenuealesSales Discountsof Goods Soldss Profitrating Expensespreciation Expenselaries and Wages Expenseilities Expensevrages tapenees ExpenseOperating Expensese From Operationsr Revenues and Gainsrest Revenueer Expenses and Lossesss on Disposal of Plant Assetserest Expenseime Before Income Taxesme Tax ExpenseIncome /(Loss)Profit marginSheffield Corp.Income StatementFor the Year Ended December 31, 2022Gross profit rate%2,431,000%176,000341.000511,500121,000VERO121,000 iCalculate the profit margin and gross profit rate. (Round answers to O decimal places, e.g. 15%)91,850 i78,100 ii$2,255,0001,085,7001,169,300973,500 i195,80071,500169,95097,35027,50069,850

The income statement is prepared to record the revenue and expenses for the current period. The…

In its income statement for the year ended December 31, 2022, Sheffield Corp. reported the following condensed da Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense $511,500 1,085,700 78,100 71,500 341,000 Loss on disposal of plant assets Sales revenue Income tax expense Sales discounts Utilities expense $91,850 2,431,000 27,500 176,000 121,000