Exercise 4.1 The accountant at Latifa Shoe CO. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 20X7. Rent Revenue Interest expense Market appreciation on land above cost Salaries and wages expense (selling & admin) Income tax Other administrative expenses Cost of goods sold Net sales Depreciation on plant assets (selling & admin) Cash dividends declared $29,000 18,000 31,000 250,700 37,400 69,300 496,000 980,000 65,000 16,000 Required: Prepare a multi-step income statement