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Valley Company's adjusted account balances from its general ledger on August $31,$ ?its fiscal year$-$end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense$-$selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative.

$\backslash$table$[[$Adjusted Account Balances,Debit,Credit$],[$Merchandise inventory $($ending$),$$$37,500,],[$other $($non$-$inventory$)$ ?assets,$150,000,],[$Total liabilities,,$$43,313],[$Common stock,,$73,612],[$Retained earnings,,$50,479],[$Dividends$,8,000,],[$Sales$,,256,500],[$Sales discounts,$3,924,],[$Sales returns and allowances,$16,929,],[$Cost of goods sold,$99,306,],[$Sales salaries expense,$35,141,],[$Rent expense$-$Selling space,$12,056,],[$Store supplies expense,$3,078,],[$Advertising expense,$21,803,],[$Office salaries expense,$32,063,],[$Rent expense$-$office space,$3,078,],[$office supplies expense,$1,026,],[$Totals$,$$$423,904,$$$423,904]]$

Beginning merchandise inventory was $$30,263.$ ?Supplementary records of merchandising activities for the year ended August $31$ ?reveal the following itemized costs.

$\backslash$table$[[$Invoice cost of merchandise purchases,$$110,250],[$Purchases discounts received,$2,315],[$Purchases returns and allowances,$5,292],[$Costs of transportation$-$in$,3,900]]$

Prepare a multiple$-$step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses.