Candace Communications reported the following figures rom its adjusted trial balance for its first year of business, which ended on July 31, 2016: (Click the icon to view the accounts and balances.) Prepare Candace Communications's multi-step income statement for the year ended July 31, 2016. (Use a minus sign or parentheses to show other expenses.) Candace Communications Income Statement Year Ended July 31, 2016 Data Table Less Cash Selling Expenses Account Payable Candace, Capital Notes Payable, long-term Merchandise Inventory Administrative Expenses Sales Returns and Allowances $ 18,900 10,500 1,800 40,000 3,000 40 3,600 $ 3,200 Cost of Goods Sold 1400 Equipment, net 4,100 Accrued Liabilities 4,240 Sales Revenue 1,000 Accounts Receivable 300 Interest Expense 2,600 Sales Discounts 7,600 Print Done Net Income (Loss)