An inexperienced accountant prepared this condensed income statement for Wildhorse Company, a retail firm that has been in business for a number of years. Wildhorse Company Income Statement For the Year Ended December 31, 2025 Revenues Net sales $1,224,000 Other revenues 31,680 1,255,680 Cost of goods sold 799,200 Gross profit 456,480 Operating expenses Selling expenses 156,960 Administrative expenses 148,320 305,280 Net earnings $151,200 As an experienced, knowledgeable accountant, you review the statement and determine that the following steps were taken by the accountant to compute the amounts presented in the income statement. 1. Net sales, as presented, consist of sales $1,311,840, less freight-out on merchandise sold $47,520, and sales returns and allowances $40,320. 2. Other revenues, as presented, consist of sales discounts $25,920 and rent revenue $5,760. 3. 4. Selling expenses, as presented, consist of salespersons' salaries $115,200; depreciation on equipment $14,400; advertising $18,720; and sales commissions $8,640. The commissions represent commissions paid. At December 31, $4,320 of commissions have been earned by salespersons but have not been paid. All compensation should be recorded as Salaries and Wages Expense. Administrative expenses, as presented, consist of office salaries $67,680; dividends $25,920, utilities $17,280, interest expense $2,880, and rent expense $34,560, which includes prepayments totaling $8,640 for the first quarter of 2026. Prepare a correct detailed multiple-step income statement. Assume a 25% tax rate. (List other revenues before other expenses.)