During 2023, GlenTel Inc. sold its interest in a chain of wholesale outlets. This sale took the company out of the wholesaling business completely. The company still operates its retail outlets Following are eight profit-related items 1. Depreciation expense 2. Gain on sale of wholesale operation (net of $124,000 income taxes) 3. Loss from operating wholesale operation (net of $122,000 tax benefit) 4. Salaries expense 5. Sales 6. Gain on expropriation of company property 7. Cost of goods sold B. Income taxes expense Present a multiple-step income statement for 2023 Answer is complete but not entirely correct. GLENTEL INC. Income Statement Debit $163,000 Credit $420,000 360,000 346,000 1,642,000 275,000 39,000 192,400 For Year Ended December 31, 2023 Sales Cost of goods sold Gross profit $1,642,000 O 839.000 $2.481,000 C Operating expenses Salaries expense Depreciation expense Total operating expenses Operating profit Other revenues/expenses Gain on expropriation of company property Profit from continuing operations before income tax Jacome tax expense 00 346.000 163.000 000 509.000 $ 1,972.000 275,000 784,000 $ 192.400 10 points Present a multiple-step income statement for 2023. Sales Cost of goods sold Gross profit Operating expenses Salaries expense Depreciation expense Total operating expenses Operating profit Other revenues/expenses 0 Answer is complete but not entirely correct. GLENTEL INC. Income Statement For Year Ended December 31, 2023 Gain on expropriation of company property Profit from continuing operations before income tax Income tax expense Profit from continuing operations Discontinued operations Gain from wholesale operation Loss on sale of wholesale operation Profit 000 9 0000 000 346,000 163,000 $ 1,642,000 839,000 $ 2,481,000 509,000 $ 1,972,000 ( 275,000 784,000 S 192,400 $ 591,600 426,000 (366,000) 60,000 $ 651,600