On October 31, 2016, the balances of the accounts appearing in the ledger of Prestige Furnishings Company, a furniture wholesaler, are as follows:

Accumulated Depreciation-Building $746,350 Administrative Expenses 515,750 Building 2,419,500 Cash 168,150 Common Stock 300,500 Cost of Merchandise Sold 3,925,500 Dividends 179,100 Interest Expense 9,950 Merchandise Inventory 1,020,900 Notes Payable 259,350 Office Supplies 19,150 Retained Earnings 1,343,400 Salaries Payable 7,600 Sales 6,144,850 Selling Expenses 732,500 Store Supplies 92,700 Required: A. Prepare a multiple-step income statement for the year ended October 31, 2016. Be sure to complete the statement heading. Refer to the information given in the exercise and to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required. In the Other income and expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign.

Labels For the Year Ended October 31, 2016 October 31, 2016 Operating expenses Other income and expense Amount Descriptions Gross profit Income from operations Net income Net loss Total assets Total liabilities Total operating expenses Total stockholders equity