Marin Inc. has recorded all necessary adjusting entries, except for income tax expense, at its fiscal year end, July 31, 2021. The following information has been taken from the adjusted trial balance: Accounts payable $25,500 Interest expense $4,500 Cash dividends-common 57,500 Notes payable 101,500 Common shares 200,000 Retained earnings (Aug. 1, 2020) 359,000 Cost of goods sold 314,500 Salaries expense 147,500 Dividends payable 14,300 Sales 666,500 Income tax expense 29,500 Supplies expense 11,000 Income tax payable 4,000 Unearned revenue 11,200 All accounts have normal balances and total assets equal $817,500. Marin has a 20% income tax rate. Prepare a multiple-step income statement. MARIN INC. Income Statement Year Ended July 31, 2021 Service Revenue $ Operating Expenses Profit From Operations $ > Profit Before Income Tax Income Tax Expense Profit/(Loss) $ e Textbook and Media List of Accounts Prepare required journal entry to adjust income tax expense. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit July 31 (To record income tax expense.) e Textbook and Media List of Accounts