Q1: Other expenses and losses 6000 Cost of goods sold 40% of net sales Rent expense 5000 Net income 127500 Traveling expense 14000 Other revenues and gains 9000 Advertising expense 8000 Net sales ? Insurance expense 3000 Income taxes 15% of income before income taxes Required : prepare a multiple-step income statement. Q1: Other expenses and losses 6000 Cost of goods sold 40% of net sales Rent expense 5000 Net income 127500 Traveling expense 14000 Other revenues and gains 9000 Advertising expense 8000 Net sales ? Insurance expense 3000 Income taxes 15% of income before income taxes Required : prepare a multiple-step income statement