LIVIUITUU Multiple-Step Income Statement The Carlsbad Company income statement for the year ended February 28, 20Y9 contains errors: CARLSBAD COMPANY Income Statement For the Year Ended February 28, 20Y9 Revenue from sales: Sales $5,500,000 Add: Sales returns and allowances $150,000 Sales discounts 75,000 225,000 Gross sales $5,725,000 Cost of merchandise sold 3,312,500 Income from operations $2,412,500 Expenses: Selling expenses $1,000,000 750,000 Administrative expenses 62,500 Delivery expense 1,812,500 Total expenses $600,000 Other expense: 50,000 Interest revenue $550,000 Gross profit Prepare a corrected income statement for Carlsbad Company for the year ended February 28, 20Y9. Carlsbad Company Income Statement For the Year Ended February 28, 20Y9 Revenue from sales: Expenses: Total expenses mentmalll.uu Income Statement For the Year Ended February 28, 20Y9 Revenue from sales: Expenses: Total expenses Other income