On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances:

AccountsDebitCreditCash$ 13,200 Accounts Receivable38,000 Allowance for Uncollectible Accounts $ 3,800Inventory154,000 Land87,300 Buildings140,000 Accumulated Depreciation 11,600Accounts Payable 39,700Common Stock 220,000Retained Earnings 157,400Totals$ 432,500$ 432,500

During January 2024, the following transactions occur:

January 1Borrow $120,000 from Captive Credit Corporation. The installment note bears interest at 5% annually and matures in 5 years. Payments of $2,265 are required at the end of each month for 60 months.January 4Receive $33,000 from customers on accounts receivable.January 10Pay cash on accounts payable, $31,000.January 15Pay cash for salaries, $30,900.January 30Firework sales for the month total $206,000. The cost of the units sold is $122,500.January 31Pay the first monthly installment of $2,265 related to the $120,000 borrowed on January 1.

Prepare a multiple-step income statement for the period ended January 31, 2024. (Do not round intermediate calculations.)

FREEDOM FIREWORKS Multiple-Step Income Statement For the Month Ended January 31, 2024 \begin{tabular}{|c|c|c} \hline Sales Revenue & & \\ \hline Bad Debt Expense & & \\ \hline Gross Profit & & \\ \hline Expenses: & & \\ \hline & & \\ \hline & & \\ \hline Total Operating Expenses & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular}