Preparing Multiple-Step Income Statement The following information is from Atlanta Corp. for the 12 months ended December 31. Sales revenue Cost of goods sold $1,760,000 1,100,000 Selling and administrative expenses Interest expense 330,000 11,000 Gain on sale of short-term investments 19,360 Prepare a multiple-step income statement (excluding the earnings per share disclosures) assuming a tax rate of 25%. Report income tax expense in its own separate section. Note: Use a negative sign only for an expense or loss item included in the section Other Revenues (Expenses). Atlanta Corp. Income Statement For the Year Ended December 31 Sales revenue Cost of goods sold Gross profit $ 1,760,000 1,100,000 660,000 Operating expenses Selling and administrative expenses 330,000 Operating income 330,000 Other revenues (expenses) Gain on sale of short-term investments 19,360 Income before income taxes Income tax expense Net income 338,360 84,590 x $ 253,770