Question 3 1.43 pts The following is a single-step income statement for the James Bonds Company: James Bonds Company Income Statement For the Year Ended December 31, 2016 Revenues: Sales $300,000 Interest Income 20,000 Total Revenues $320,000 Expenses: Cost of Goods Sold $60,000 Selling Expenses 25,000 General and Administrative Expenses 30,000 Interest Expense 14,000 Total Expenses 129.000 Net Income $191.000 If the income statement were prepared in a multiple-step format, gross profit would be: Income Statement For the Year Ended December 31, 2016 Revenues: Sales $300,000 Interest Income 20.000 Total Revenues $320,000 Expenses: Cost of Goods Sold $60,000 Selling Expenses 25,000 General and Administrative Expenses 30,000 Interest Expense 14,000 Total Expenses 129.000 Net Income $191.000 If the income statement were prepared in a multiple-step format, gross profit would be: $260.000 $185.000 $126,000 $240.000