Question 14 An inexperienced accountant prepared this condensed income statement for Sunland Company, a reta firm that has been in business for a number of years. SUNLAND COMPANY Income Statement For the Year Ended December 31, 2017 Revenues Net sales $986,000 Other venues 25,520 1,013,520 Cost of goods sold 643,800 Grosso 367.720 Operating expenses Salting expenses 126,440 Administrative expenses 119,480 245.920 Net earnings $121,800 As an experienced, knowledgeable accountat you review the statement and determine the following facts Net sales consist of sales $1,056,760, less freight-out on merchandise sold 538,280, and sales returns and Blowances $32,480 2 Other revenues consist of sales discounts $20.880 and rent revenue 54,640. 3. Selling expenses consist of salespersons'salaries $92,800, depreciation on equipment 511,600, advertising $15,000, and sales commissions 56,960. The commissions represent commissions paid At December 31, 53,480 of commissions have been earned by salespersons but have not been paid. All compensation should be recorded as Salaries and Wages Expense. 4 Administrative expenses consist of office salaries $54,520, dividends $20,880, utilities $13,920, interest expense $2.320, and rent expense $27,840, which includes prepayments totaling $6,960 for the first quarter of 2018. Prepare a correct detailed multiple-step income statement. Assume a 25% tax rate (List other revenues before other expenses. Round answers to decimal places, e.. ,125. Enter negative ameunts using either a negative sin preceding the number .g. -45 or parentheses e.g. (45)) SUNLAND COMPANY Income Statement . : : Show Work is REQUIRED for this question: On Show Work