MMT Corporation reports the following income statement items ($ in millions) for the year ended December 31, 2024: sales revenue, $2,110; cost of goods sold, $1,260; selling expense, $125; general and administrative expense, $115; interest expense, $45; and gain on sale of investments, $55. Income tax expense has not yet been recorded. The income tax rate is 25%.

Required:

Prepare a multiple-step income statement.

Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10).

MMT Corporation reports the following income statement items ( $ in millions) for the year ended December 31, 2024: sales revenue, $2,110; cost of goods sold, $1,260; selling expense, $125; general and administrative expense, $115; interest expense, $45; and gain on sale of investments, $55. Income tax expense has not yet been recorded. The income tax rate is 25%. Required: Prepare a multiple-step income statement. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10)