Prepare a multiple-step income statement for Armstrong Co. from the following data for the year ended December 31.

Sales, $755,000; cost of merchandise sold, $330,000; administrative expenses, $35,000; interest expense, $30,000; rent revenue, $25,000; selling expenses, $50,000.

Armstrong Co.
Income Statement
For the Year Ended December 31
		$
Gross profit		$
Operating expenses:
	$
Total operating expenses
		$
Other revenue and expense:
	$
		$