Prepare a correct detailed multiple-step income statement. Assume a 25% rax rate.

An inexperienced accountant prepared this condensed income statement for Sunland Company, a retail firm that has been in business for a number of years, As an experienced, knowledgeable accountant, you review the statement and determine the following facts. Net sales consist of sales $1, 056, 760, less freight-out on merchandise sold $38, 280, and sales returns and allowances $32, 480. Other revenues consist of sales discounts $20, 880 and rent revenue $4, 640. Selling expenses consist of salespersons' salaries $92, 800; depreciation on equipment $11, 600; advertising $15, 08 and sales commissions $6, 960. The commissions represent commissions paid. At December 31, $3, 480 of commissions have been earned by salespersons but have not been paid. All compensation should be recorded as salaries and Wages Expense. Administrative expenses consist of office salaries $54, 520; dividends $20, 880, utilities $13, 920; interest expense $2, 320; and rent expense $27, 840, which includes prepayments totaling $6, 960 for the first quarter of 2018. Prepare a correct detailed multiple-step income statement. Assume a 25% tax rate