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.)