1 of 5 c > 7.5/15 E The following selected accounts from Highview Electronics Corporation's general ledger are presented below for the year ended December 31.2021: Accounts receivable $254,400 Accumulated depreciation-equipment 733.920 Advertising expense 52.800 Common shares 240,000 Cost of goods sold 1,125,120 Depreciation expense 120,000 Dividends declared 144,000 Equipment 1,392,000 Freight out 24,000 Income tax expense 67.200 Insurance expense 22.080 Interest expense 59.520 Interest income 28.800 Inventory 93,120 Prepaid expenses 29.760 Rent income 23040 Retained earnin 512600 ChSHW Question 1 of 5 Common shares 240,000 Cost of goods sold 1,125.120 Depreciation expense 120,000 Dividends declared 144.000 Equipment 1.392.000 Freight out 24,000 Income tax expense 67.200 Insurance expense 22.000 Interest expense 59520 Interest income 28.800 Inventory 93120 Prepaid expenses 29.760 Rent income 23,040 Retained earnings 513600 Salaries expense 676.800 Sales 2:485,920 7.5/15 E CASHW Question 1 of 5 < Prepare a multiple-step statement of income. Highview Electronics Corporation Statement of Income (Multiple-step) Year Ended December 31, 2021 Sales Cost of Goods Sold Gross profit Salaries Expense Depreciation Exper Insurance Expert Advertising Expense Selling Experes 7.5/15 Question 1 of 5 > 7.5/15 EE Income Tax Expense Net income eTextbook and Media List of Accounts