BE 4-1 Single-step income statement L04-1 The adjusted trial balance of Pacific Scientific Corporation on December 31, 2021, the end of the company's fiscal year, contained the following income statement items (S in millions): sales revenue, $2,106, cost of goods sold, $1,240, selling expense, $126, general and administrative expense, $105; interest expense, $40; and gain on sale of investments, $45. Income tax expense has not yet been recorded. The income tax rate is 25% Using the account balances, prepare a single-step income statement for 2021. An example of a single-step income statement can Page 20 be found in Ilustration 4-3 of this chapter BE 4-3 Multiple-step income statement 104-1104-3 Refer to the situation described in BE 4-1. Using the account balances, prepare a multiple step income statement for 2021. An example of a multiple step income statement can be found in Illustration 4-4 of this chapter