(Multiple-Step and Unusual Items) The following balances were taken from the books of Quality Fabrication Limited on December 31, 2023: Interest income $70,000 Accumulated depreciationequipment $32,000 Cash 40,000 Accumulated depreciationbuildings 23,000 Sales revenue 1,120,000 Notes receivable 125,000 Accounts receivable 122,000 Selling expenses 160,000 Prepaid insurance 16,000 Accounts payable 140,000 Sales returns and allowances 118,000 Bonds payable 81,000 Allowance for doubtful accounts 6,000 Administrative expenses 80,000 Sales discounts 40,000 Unearned revenue 16,000 Land 80,000 Interest expense 50,000 Equipment 160,000 Notes payable 80,000 Buildings 115,000 Loss from storm damage 124,000 Cost of goods sold 504,000 Depreciation expense 50,000 Assume the total effective tax rate on all items is 25%. Instructions Prepare a multiple-step income statement showing expenses by function. Assume that 150,000 common shares were outstanding during the year. Quality Fabrication follows ASPE but decides to disclose EPS on its income statement.