Exercise (3): At the end of Silver Store's fiscal year on December 31, 2015, these accounts appeared in its adjusted trial balance: (Merchandise inventory on December 31, 2014 is $100,000). Purchases Return and Allowance Sales Return and Allowance Store Rent expense Freight-in Sales Sales Discount $40,000 Sales Salaries expense $50,000 Office Rent expense $10,000 Merchandise inventory $2,000 Purchases $780,000 Office supplies expense $15,000 Depreciation expense - Store Equipment Depreciation expense - Office $1,000 Equipment $5,000 Freight-out expense $75,000 $7,000 $55,000 $450,000 $45,000 $35,000 Utilities expense $15,000 Purchases Discount $3,000 Requirement: Prepare multiple step income statement for Silver Store