An inexperienced accountant prepared this condensed income statement for Sundberg Company, a retail firm that has been in business for a number of years. As an experienced, knowledgeable accountant, you review the statement and determine the following facts. 1. Net sales consist of sales $911,000, less freight-out on merchandise sold $33,000, and sales returns and allowances $28,000. 2. Other revenues consist of sales discounts $18,000 and rent revenue $4,000. 3. Selling expenses consist of salespersons" salaries $80,000: depreciation on equipment $10,000: advertising $13,000: and sales commissions $6,000. The commissions represent commissions paid. At December 31, $3,000 of commissions have been earned by salespersons but have not been paid. All compensation should be recorded as Salaries and Wages Expense. 4. Administrative expenses consist of office salaries $47,000: dividends $18,000: utilities $12,000: interest expense $2,000: and rent expense $24,000, which includes prepayments totaling $6,000 for the first quarter of 2015. Instructions Prepare a correct detailed multiple-step income statement. Assume a 25% tax rate