Question 5 Income statement information for Sheffield Tire Repair Corporation for the year 2020 follows: Freight in $16,000 General and administrative expenses: Salaries and wages expense Depreciation expense-building Office supplies expense Inventory (ending) Loss from flood damage Gain on the disposal of equipment Purchases Sales revenue Interest expense 10,000 20,000 120,000 12,000 $37,600 30,900 9,700 135,000 50,000 5,900 600,000 910,000 9,800 Purchase discounts Dividend revenue Inventory (beginning) Sales returns and allowances Service expenses: Salaries and wages Depreciation expense-garage equipment Garage supplies expense 74,000 19,600 9,800 The effective tax rate on all income is 33%, and Sheffield follows ASPE. (a) Prepare a multiple-step income statement for 2020, showing expenses by function. (List Other Revenues and Gains before Other Expenses and Losses.) Sheffield Tire Repair Corporation Income Statement