Prepare a multiple-step income statement for Armstrong Co. from the following data for the year ended December 31. Sales, $755,000; cost of goods sold, $330,000; administrative expenses, $35,000; interest expense, $30,000; rent revenue, $25,000; seling expenses, $50,000. Armstrong Co. Income Statement For the Year Ended December 31 Gross profit Operating expenses Total operating expenses Other revenue and expense: 88