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A company reports the following amount in its December 31, Year 1, income statement.
| |
| Sales revenue | $ | 290,000 | | Income tax expense | $ | 28,000 | | | |
| Gain on sale of land | | 108,000 | | Cost of goods sold | | 188,000 | | | |
| Selling expenses | | 58,000 | | Administrative expenses | | 38,000 | | | |
| General expenses | | 48,000 | | | | | | | |
| | | |
Required:
1. Prepare a multiple-step income statement. (Losses should be indicated by a minus sign.)
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