Multiple-Step Income Statement The adjusted trial balance of Peoples Company contained the following information: Debit Credit Sales Revenue Sales Returns and Allowances $530,000 $ 12,000 Sales Discounts Cost of Goods Sold Freight-Out 7,000 318,000 2,000 Advertising Expense 15,000 Interest Expense 13,000 Salaries and Wages Expense 90,000 Utilities Expense 23,000 Depreciation Expense 12,000 Interest Revenue 37,000 Instructions: Use the above information to prepare a multiple-step income statement for the year ended December 31, 2020.