An inexperienced accountant prepared this condensed income statement for Blossom Company, a retail firm that has been in business for a number of years BLOSSOM COMPANY Income Statement For the Year Ended December 31, 2017 Revenues $867,000 22,440 889,440 566,100 323,340 Net sales Other revenues Cost of goods sold Gross profit Operating expenses 111,180 105,060 216,240 $107,100 Selling expenses Administrative expenses Net earnings As an experienced, knowledgeable accountant, you review the statement and determine the following facts 1. Net sales consist of sales $929,220, less freight-out on merchandise sold $33,660, and sales 2. Other revenues consist of sales discounts $18,360 and rent revenue $4,080 returns and allowances $28,560 Selling expenses consist of salespersons' salaries $81,600; depreciation on equipment $10,200; advertising $13,260; and sales commissions $6,120. The commissions represent commissions paid. At December 31, $3,060 of commissions have been earned by salespersons but have not been paid. All compensation should be recorded as Salaries and Wages Expense 3. 4. Administrative expenses consist of office salaries $47,940; dividends $18,360; utilities $12,240 interest expense $2,040; and rent expense $24,480, which includes prepayments totaling $6,120 for the first quarter of 2018 Prepare a correct detailed multiple-step income statement. Assume a 25% tax rate. (List other revenues before other expenses. Round answers to 0 decimal places, e.g. 5,125.)