Multiple-Step Income Statement Brandt Corporation had sales revenue of $500,000 for the current year. For the year, its cost of goods sold was $240,000, its operating expenses were $50,000, its interest revenue was $2,000, and its interest expense was $12,000. Brandt's income tax rate is 30%. Prepare Brandt's multiple-step income statement for the current year. BRANDT CORPORATION Income Statement For Year Ended December 31, Current Year Sales revenue 500,000 Cost of goods sold 240,000 Gross profit 740,000 Operating expenses 50,000 Operating income 690,000 X Other items Interest revenue 2,000 Interest expense 12,000 14,000 X Pretax income 704,000 Income tax expense 211,200 Net income 492,800 X