Prepare a multi-step income statement.

The accountant of Latifa Shoe Co. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2020. Rent revenue $29.000 Interest expense 18,000 31,000 Market appreciation on land above cost Salaries and wages expense (selling) Supplies expense (selling) 114,800 17,600 Income tax 23.100 Salaries and wages expense (administrative) 135.900 Other administrative expenses 51.700 496,000 Cost of goods sold Net sales 980,000 Depreciation on plant assets (70% selling, 30% administrative) 65,000 Cash dividends declared 16,000 There were 20,000 shares of common stock outstanding during the year. Net Sales $ Cost of Goods Sold Gross Proh/(Loss) Operating Expenses Selling Expenses Salaries and Wages Expense $ Depreciation Expense Depreciation Expense Supplies Expenses Selling Expenses $ Administrative Expenses Salaries and Wages Expense 114800 Accumulated Depreciation Equipment 51700 Other Administrative Expenses 19500 Income From Operations 19500 Other Expenses and losses Other Revenues and Gains Rent Revenue Other Expenses and Losses Interest Expense Income Before Income Tax Income Tax Expense Net Income /(Loss) $ Earnings Per Share $