Calculator Multiple-Step Income Statement and Profit Margin The following income statement items, arranged in alphabetical order, are taken from the records of Shaw Corporation for the current year: Advertising expense Commissions expense Cost of goods sold Depreciation expense- office building Income tax expense Insurance expense-salesperson auto 2,250 Supplies expense-office Required: $1,400 1,340 6,700 12,560 48,300 890 $1,500 Interest expense 2,415 Interest revenue 29,200 2,900 1,540 Sales revenue Rent revenue Salaries and wages expense-office Assume that Shaw Corporation classifies all operating expenses into two categories: (1) selling and (2) general and administrative 1. Prepare a multiple-step income statement for the current year. Shaw Corporation Income Statement For the Current Year Operating expenses Selling expenses: Total selling expenses General and administrative expenses