The Caltor Company gathered the following condensed data for theyear ended Decem

The Caltor Company gathered the following condensed data for theyear ended December 31 2007: Cost of goods sold $ 710000 Netsales 1279000 Administrative expenses 239000 Interest expense68000 Dividends paid 38000 Selling expenses 45000 Instructions(1). Prepare an income statement for the year ended December 312007. (2). Compute the profit margin ratio and gross profit rate.Caltor Companys assets at the beginning of the year were $770000and were $830000 at the end of the year. To qualify for fullcredit you must state the formula you are using show yourcomputations and explain your findings.