Prepare multiple-step income statement.

advertising expense $55,000

common stock $250,000

cost of goods sold $1,085,000

depreciation expense $125,000

dividends $150,000

freight out $25,000

income tax expense $70,000

insurance expense $15,000

interest expense $70,000

interest revenue $30,000

inventory $67,000

rent revenue $24,000

retained earnings $535,000

salaries and wage expense $675,000

sales discounts $8,500

sales returns and allowances $41,000

sales revenue $2,400,000