$ $ $ $ Cost of merchandise sold Warehousing expense Accounts Payable Sales revenue Accumulated Depreciation Sales Return Unearned Revenue Depreciation Rent revenue Employee wages, salaries, and benefits Interest expense Investment revenue Loss on Disposal Geographic Segment Earnings from Discontinued Geographic Segment Distribution expenses General and administrative expenses Loss on sale of noncurrent assets Fire Loss Income tax expense ?? 102,000 20,000 120,000 $525,000 140,000 5,000 2,000 50,000 4,000 100,000 6,000 3,000 30,000 20,000 106,000 46,000 13,000 20,000 Required No. 2: I/S Nature of Expenses-Multiple Step MONTREAL RETAIL CORPORATION Statement of Income ( multiple-step ) For Year Ended December 31, 20x6