E5-7 (Algo) Preparing a Classified (Multiple-Step) Income Statement L05-3 Marcy's, Inc., operates two well-known high-end department store chains in North America. Marcy's and Bloomingdale's. The following simplified data (in millions) were taken from its recent annual report for the year ended February 1 Cost of sales Federal, state, and local income tax expense Interest expense Interest income Net sales Other operating expenses Selling, general, and administrative expenses $ 15,681 389 387 8 26, 198 597 8,305 Required: Prepare a complete classified (multiple-step) consolidated statement of income for the company (showing gross margin, operating income, and income before income taxes). (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) MARCY'S, INC. Consolidated Statement of Income 16 Saved Help Save & Exit Subs Required: Prepare a complete classified (multiple-step) consolidated statement of income for the company (showing gross margin, operating income, and income before income taxes). (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) MARCY'S, INC. Consolidated Statement of Income (in millions)