Given below are information related to Clara Company : Rent revenue 36,000 bad debt expense :$14,000 Sales 1,800,000 COGS $950,000 Repair expense office equipment 16,000 Dividend Revenue 10,000 Sales and return allowances : 216,000 Repair expense sales equipment 40,000 Telephone expense Office : 48,000 Telephone expense sales : 80,000 interest expense 18,000 Tax rate 35 % Cash 130,000 Loss from a hurricane $3,500 Required : Prepare a multiple step income statement.