Reindeer Corporation has hired you as a new Accounting Assistant. The company is a privately-held corporation owned by the Reindeer family. Your first task is to review the Income Statement prepared by the former Accounting Assistant. Your boss believes it has NOT been correctly prepared (as he requested a "multi-step" income statement). Your boss is also surprised Reindeer Corporation is reporting a net "loss". Things have been "busy", so a loss seems unusual.\ Reindeer Corporation\ Income Statement\ Year ended, December 31, 2023\ REVENUES:\ \ Sales revenues\ $ 650,000\ Interest revenue\ 21,000\ Total revenues\ 671,000\ EXPENSES\ \ Advertising expense\ 5,000\ Cost of goods sold\ 425,000\ Depreciation expense\ 50,000\ Dividends declared\ 20,000\ Income tax expense\ 9,000\ Interest expense\ 14,500\ Rent expense\ 30,000\ Utilities expense\ 36,000\ Wages expense\ 85,000\ Total expenses\ 674,500\ Net Income (Loss)\ (3,500)