Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on sale of equipment office supplies expense Insurance expense Sales Office salaries expense Rent expense-Selling space Sales staff wages $ 6,160 720 1,250 224,000 31,400 10,800 22,200 Depreciation expense-Office copier $ 470 Sales discounts 16,300 Sales returns and allowances 4,200 TV advertising expense 3,900 Interest revenue 650 Cost of goods sold 90, 700 Sales commission expense 12,200 Prepare a multiple-step income statement. Answer is complete and correct. FIT-FOR-LIFE FOODS Income Statement For Year Ended December 31 224,000 Sales Less: Sales discounts $ 16,300 4,200 Less: Sales returns and allowances Net sales Cost of goods sold Gross profit Expenses 20,500 203,500 90,700 112,800 Pro 9 of 10 Next Sales staff wages Rent expense-Selling space TV advertising expense Sales commission expense 22,200 10,800 3,900 12,200 49,100 720 Total selling expenses General and administrative expenses Office supplies expense Insurance expense Depreciation expense_Office copier Office salaries expense 1,250 470 31,400 Total general and administrative expenses Total expenses Income from operations Other revenues, gains, expenses & losses 33,840 82,940 29,860 6,160 650 Gain on sale of equipment Interest revenue Total other revenues, gains, expenses & losses Net income 6,810 36,670 ADAMS CO. Balance Sheet December 31 Assets Current assets $ 0 Total current assets Plant assets 0 Total plant assets Total assets $ 0 Liabilities Current liabilities