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 Cash dividends-common Common shares Cost of goods sold Dividends payable Income tax expense Income tax payable $25,000 62,500 200,000 306,000 14,900 31,500 2,900 Interest expense Notes payable Retained earnings (Aug. 1, 2020) Salaries expense Sales Supplies expense Unearned revenue $4,500 103,000 320,000 139,000 687,000 11,000 11,700 All accounts have normal balances and total assets equal $810,000. Marin has a 20% income tax rate. Prepare a multiple-step income statement. MARIN INC. Income Statement Year Ended July 31, 2021 Sales 687000 Cost of Goods Sold 306000 i Gross Profit 381000 Operating Expenses Salaries Expense $ 139000 i Supplies Expense 11000 i Total Operating Expenses 150000 Profit From Operations 231000 Other Expenses Interest Expense 4500 Interest Expense 4500 i Profit Before Income Tax 226500 Income Tax Expense (34400) Profit/(Loss) $ 192100