The adjusted trial balance of Patton Corporation on December 31 is shown below.

Required 

Prepare a multi-step income statement for the year ended December 31. Combine all the operating expenses into one line on the income statement for selling, general and administrative expenses.

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PATTON CORPORATION Adjusted Trial Balance December 31 Debit Credit Cash...... Accounts receivable.. Inventory.... Prepaid insurance.. $ 50,400 95,200 87,000 1,300 Furniture and fixtures. 32,000 Accumulated depreciation-furniture and fixtures $ 6,800 Delivery equipment... 66,000 Accumulated depreciation-delivery equipment 34,000 Accounts payable... 17,400 Common stock. Retained earnings Sales revenue... Cost of goods sold Salaries expense 208,000 50,000 381,000 214,800 97,000 Rent expense.. 20,800 Utilities expense.. 6,800 Insurance expense. 1,500 Depreciation expense-furniture and fixtures 3,200 Depreciation expense-delivery equipment.. 18,000 Income tax expense 3,200 $697,200 $697,200