Exercise 5-12 The following selected accounts from the Pharoah Company's general ledger are presented below for the year ended December 31, 2022: Advertising expense $ 67,000 Interest revenue $ 44,000 Common stock 262,000 Inventory 79,000 Cost of goods sold 1,097,000 Rent revenue 24,000 Depreciation expense 137,000 Retained earnings 547,000 Dividends 162,000 Salaries and wages expense 686,000 Freight-out 37,000 Sales discounts 9,800 Income tax expense 82,000 Sales returns and allowances 55,000 Insurance expense 15,000 Sales revenue 2,411,000 Interest expense 81,000 Prepare a multiple-step income statement. Pharoah Company Income Statement $ > |