Exercise 5-9 The following selected accounts from Highview Electronics Corporation's general ledger are presented below for the year ended December 31, 2018: Accounts receivable Accumulated depreciation-equipment Advertising expense Common shares $265,000 776,000 60,000 240,000 Cost of goods sold 1,238,000 Depreciation expense 128,000 Dividends declared Equipment Freight out 152,000 1,531,000 23,000 Income tax expense 68,000 25,000 Insurance expense Interest expense 66,000 Interest revenue 27,000 Inventory Prepaid expenses 96,000 30,000 27,000 Rent revenue Retained earnings 586,000 Salaries expense 719,000 Insurance expense 25,000 Interest expense 66,000 Interest revenue 27,000 Inventory Prepaid expenses Rent revenue 96,000 30,000 27,000 586,000 Retained earnings Salaries expense 719,000 Sales 2,907,000 Sales discounts 17,000 Sales returns and allowances 39,000 Unearned revenue 16,000 Income Statement (Single-step) Year Ended December 31, 2018 Revenues Sales 2907000 $ Less Sales Discounts 17000 $ Sales Returns and Allowances 39000 56000 Net sales 2963000 Rent Revenue 27000 Interest Revenue 27000 Total revenues 3017000 $ Expenses Advertising Expense 60000 Depreciation Expense 128000 Rent Revenue 27000 Interest Revenue 27000 Total revenues 3017000 $ Expenses Advertising Expense 60000 Depreciation Expense 128000 Insurance Expense 25000 Salaries Expense 719000 Interest Expense 66000 Cost of Goods Sold 1238000 Freight Out 23000 Total expenses 2259000 Income before income tax Income Tax Expense 68000 Net income Total expenses 2259000 Income before income tax Income Tax Expense 68000 Net income $ SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare a multiple-step income statement. Highview Electronics Corporation Income Statement (Multiple-step) V $ $ 2 S