E5-7 (Static) Preparing a Classified (Multiple-Step) Income Statement LO5-3 Macy's, Inc., operates the two best-known high-end department store chains in North America: Macy'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 Required: $ 15,621 341 367 4 25,778 577 8,265 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).) MACY'S, INC. Consolidated Statement of Income (in millions)