Identify the errors in the following multiple-step income statement: Armortec Company Income Statement For the Year Ended

Identify the errors in the following multiple-step income statement:

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Armortec Company Income Statement For the Year Ended December 31, 2015 Revenue from sales Sales Add: Sales returns and allowances $5.345,800 $120,000 60,000 Sales discounts 180,000 Gross sales $5,525,800 3,100,800 2,425,000 Cost of goods sold Income from operations Expenses Selling expenses Administrative expenses Delivery expense 800,000 600,000 50,000 Total expenses 1,450,000 975.000 Other expense Interest revenue. Gross profit 40,000 S 935,000