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 $ 15,861 533 447 2 27,458 657 8,425 Selling, general, and administrative expenses 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) Prey 1 of 11 12 Next > 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 (.e., 10,000,000 should be entered as 10).) MARCY'S, INC. Consolidated Statement of Income (in millions)