On December 31, 2020, the balances of the accounts appearing in the ledger of Home City Furnishings Company, a furniture wholesaler, are as follows:

Rent revenue

$11,000

Accounts receivable

500,000

Administrative expenses

200,000

Selling expenses

250,000

Sales

3,250,000

Cash

530,000

Cost of merchandise sold

1,600,000

Interest expense

6,000

Prepare a multi-step income statement for the year ended December 31, 2020.