The following selected accounts from Orlando Corporation’s general ledger are for the year ended December 31, 2025.

InstructionsPrepare a multiple-step income statement.

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Accounts receivable Accumulated depreciation- equipment Advertising expense Common stock Cost of goods sold Depreciation expense Dividends Equipment Freight-out Income tax expense $ 265,000 764,500 55,000 250,000 1,172,000 125,000 150,000 1,450,000 25,000 70,000 Insurance expense Interest expense Interest revenue Inventory Prepaid expenses Rent revenue Retained earnings Salaries and wages expense Sales revenue Unearned sales revenue $ 23,000 62,000 30,000 97,000 31,000 24,000 535,000 705,000 2,589,500 18,000