Prepare the multi-step income statement for Kiwi Co. Kiwi Co. had 50,000 shares outstanding. The effective tax rate is 30%.

Kiwi Co. 2019 Debits Credits

Partial Trial Balance Data

Sales revenue 700,000

Interest revenue 60,000

Gain on sale of investments 110,000

Cost of goods sold 500,000

Selling expenses 150,000

Utilities expenses 50,000

Interest expense 30,000

General and administrative expenses 60,000