Cost of Goods Sold and Income Statement Schuch Company presents you with the following account balances taken from its December $31$ adjusted trial balance: Inventory, January $143000$

Selling expenses $35000$

Purchases $100000$

Sales $25000$

General and administrative expenses $22000$

Purchases returns $3500$

Interest expense $4000$

Sales discounts taken $2000$

Gain on sale of property $($pretax$)7000$

Freight$-$in $5000$

Additional data: $1.$ A physical count reveals an ending$-$inventory of $$22,500$ on December $31.2.$ Twenty$-$five thousand shares of common stock have been outstanding the entire year. $3.$ The income tax rate is $30\%$ on all items of income. Required: $1.$ As a supporting document for Requirements $2$ and $3,$ prepare a separate schedule for Schuch$$s cost of goods sold. $2.$ Prepare a multiple$-$step income statement. $3.$ Prepare a single$-$step income statement.