Advertising expense Common stock 55,000 Interest revenue 30,000 250,000 Inventory 67,000 Check Figures Cost of goods sold 1,085,000 Rent revenue 24,000 Gross Profit - $1,265,500 Depreciation expense 125,000 Retained earnings 535,000 Operating Profit - $370,500 Dividends 150,000 Salaries and wages expense 675,000 Freight-out expense 25,000 Sales discounts 8,500 Net Income - $284,500 NOTE: Not all accounts will be used. Income tax expense Insurance expense Interest expense 70,000 15,000 70,000 Sales returns and allowances Sales revenue 41,000 2,400,000 Instructions Prepare a multiple-step income statement. Please try and use proper formatting with $ as needed, underlines, etc.