Current Attempt in Progress An inexperienced accountant prepared this condensed income statement for Ivanhoe Company, a retail firm that has been in business for a number of years. Ivanhoe Company Income Statement For the Year Ended December 31, 2025 Revenues Net sales $1,105,000 Other revenues 28,600 1,133,600 Cost of goods sold 721,500 Gross profit 412,100 Operating expenses Selling expenses 141,700 Administrative expenses 133,900 275,600 Net earnings $136,500 As an experienced, knowledgeable accountant, you review the statement and determine that the following steps were taken by the accountant to compute the amounts presented in the income statement. 1. 2. 3. 4. Net sales, as presented, consist of sales $1,184,300, less freight-out on merchandise sold $42,900, and sales returns and allowances $36,400. Other revenues, as presented, consist of sales discounts $23,400 and rent revenue $5,200. Selling expenses, as presented, consist of salespersons' salaries $104,000; depreciation on equipment $13,000; advertising $16,900; and sales commissions $7,800. The commissions represent commissions paid. At December 31, $3,900 of commissions have been earned by salespersons but have not been paid. All compensation should be recorded as Salaries and Wages Expense. Administrative expenses, as presented, consist of office salaries $61,100; dividends $23,400, utilities $15,600, interest expense $2,600, and rent expense $31,200, which includes prepayments totaling $7,800 for the first quarter of 2026. Prepare a correct detailed multiple-step income statement. Assume a 25% tax rate. (List other revenues before other expenses.)