An alphabetical list of Pharoahs Company adjusted accounts at its fiscal year end, August 31, 2021, follows. All accounts have normal balances. $15,560 $42,000 Accounts payable Accumulated depreciation-equipment Accumulated depreciation-furniture Notes payable Prepaid insurance 14,000 575 17,500 65,750 R. Smistad, capital R. Smistad, drawings Cash 15,940 79,000 Cost of goods sold 272,300 Rent expense 24,200 Depreciation expense 7,090 Salaries expense 50,000 Equipment 35,000 Salaries payable 2.250 Furniture 42,000 Sales 466,000 Insurance expense 3,575 Sales returns and allowances 16,300 Interest expense 2.180 Supplies 950 Interest payable 525 Supplies expense 6,325 Merchandise inventory 70.750 Unearned revenue 2.600 Question 4 of 6 Interest payable 525 Supplies expense 6,325 Merchandise inventory 70.750 Unearned revenue 2,600 Additional information: 1. Of the notes payable, $6,800 becomes due on February 17, 2022. The balance is due in 2023. 2. On July 18, 2021, R. Smistad invested $4,000 cash in the business. Prepare a multiple-step income statement(Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45)) PHAROAH COMPANY Income Statement