On December 31, 2019, Verge Company showed the following balances in the general ledger accounts. At year end inventory was valued at $850,000 and obsolete inventory was determined to be $50,000 The number of Verge Company shares outstanding at 12.31.2019 was 50,000 Instructions: Prepare a multi-step income statement for the year ended December 31, 2019 Bad Debt Expense Delivery Expense Depreciation Expense - Delivery Trucks Depreciation Expense - Office Building Depreciation Expense - Office Equipment Depreciation Expense - Store Equipment Dividend Revenue Dividends Employee Pension Expense Freight-in Gain on sale of Office Equipment Income Taxes - 2019 Interest Revenue Inventory, January 1, 2019 Loss on Sale of Investment Securities Loss on write down of obsolete inventory Miscellaneous General expenses Miscellaneous Selling Expenses Officers' and Office Salaries Property Tax Expenses Purchase Discounts Purchases Retained Earnings, January 1 2019 Sales Sales Discounts Sales Salaries Sales, Returns and Allowances 37,000 445,000 30,000 20,000 12,500 27,000 37,000 152,000 189,000 142,500 8,500 435,435 12,000 785,000 22,750 50,000 47,000 52,500 575,000 111,000 48,900 4,725,450 525,000 8,754,550 45,000 475,000 75,500