Listed below are selected account balances for Shadow Company, as of December 31, 2021.
Cash			$120,194
Accounts Payable			$34,298
Rent Expense			$34,100
Inventory			$41,707
Cost of Goods Sold			$209,062
Notes Payable			$16,000
Sales Revenue			$427,000
Accounts Receivable			$47,000
Bonds Payable			$100,000
Contributed Capital			$250,000
Wages Expense			$48,927
Equipment			$325,000
Interest Expense			$2,000
Land			$350,000
Advertising Expense			$12,000
Retained Earnings			???
Gain on sale of land			$15,000
Required: Prepare a multi-step income statement for Shadow Company for the year ended 2021.
Assume the tax rate is 25%.