Brief Exercise 4-1 (Algo) Single-step income statement [LO4-1] The adjusted trial balance of Pacific Scientific Corporation on December 31, 2024, the end of the company's fiscal year, contained the following income statement items ($ in millions): sales revenue, $2,130; cost of goods sold, $1,360; selling expense, $175; general and administrative expense, $165; interest expense, $40; and gain on sale of investments, $90. Income tax expense has not yet been recorded. The income tax rate is 25%. Prepare a single-step income statement. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). PACIFIC SCIENTIFIC CORPORATION Income Statement For the Year Ended December 31, 2024 Revenues and gains: Sales revenue $ 2,130 Cost of goods sold 1,360 770 Total revenues and gains 4,260 Expenses and losses: Selling expense $ 175 General and administrative 165 expense Inventory 340 430 Total expenses and losses Income before income taxes Income tax expense Net income 1,110 3,150 120 $ 360