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The accountant for Smart Products, Inc. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2020. $ Net sales 80,833.33 Depreciation on plant assets Expense 5,833 Dividends declared 1,200 Rent revenue 2,500 Interest on notes payable 1,417 Market appreciation on land held as an investment 3,667 purchases Merchandise 35,083 Merchandise inventory, January 1, 2020 (Beginning) 6,833 Merchandise inventory, December 31, 2020 (Ending) 6,750 Wages and salariessales Expense 7,917 Materials and suppliessales Expense 950 Income taxes 3,750 Wages and salariesadministrative Expense 11,325 Other administrative expenses 3,892 Advertising expense 1,667 Express mail Expense 500 Instructions Prepare a multiplestep 0R singlestep income statement