Problem 5.6 Income statement: Simple and detailed Lowe's Company sells irrigation equipment. Below is information necessary to prepare Lowe's income statement for the year ending December 31, 20X7. Lowes attributes 60% of the rent and utilities to selling functions and the remainder to general and administrative activities. 70% of the salaries are devoted to sales. Prepare two income statements in your notebook, one in single-step and the other in multi-step format, using the accounting results below and the additional information from the above introduction. Advertising expense $ 33,000 Cost of goods sold $ 469,700 Rent expense $ 144,000 Salaries expense $ 156,000 Net sales $972,300 Income tax expense $ 30,000 Utilities expense $ 27,000 Interest expense $ 18,500