Prepare a multi-step income statement for the year ended December 31. Combine all the operating expenses into one line on the income statement for selling, general and administrative expenses. Note: Do not use negative signs with your answers. PATTON CORPORATION Income Statement For the Year Ended December 31 0 Gross profit on sales Operating expenses Income before income taxes Net Income Please answer all parts of the question. Multi-step Income Statements The adjusted trial balance of Patton Corporation on December 31 is shown below. PATTON CORPORATION Adjusted Trial Balance December 31 Credit Debit $50,400 95,200 87,000 1,300 32,000 $6,800 66,000 Cash Accounts Receivable Inventory Prepaid Insurance Furniture & Fixtures Accumulated Depreciation - furniture & fixtures Delivery equipment Accumulated depreciation - delivery equip. Accounts Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Salaries Expense Rent Expense Utilities Expense Insurance Expense Depreciation Expense - Furniture & Fixtures Depreciation Expense - Delivery Equipment Income Tax Expense Totals 34,000 17,400 208,000 50,000 381,000 214,800 97,000 20,800 6,800 1,500 3,200 18,000 3,200 $697,200 $697,200